Sewon ENC Signs 5 Billion KRW Contract with GS Construction for Chemical Plant Equipment Supply

[Asia Economy Reporter Hyunseok Yoo] Sewon ENC announced on the 15th that it has signed a contract worth 5 billion KRW to supply chemical plant equipment with GS Engineering & Construction.

Under this contract, Sewon ENC will manufacture and supply columns (tower-type petrochemical process equipment) for the butadiene (BD, raw material for synthetic rubber and synthetic resin) plant construction project newly established by Daehan Petrochemical in the Onsan Industrial Complex. The contract period is until July 30, 2022.

Sewon ENC has recently accelerated the expansion of new orders by successfully securing multiple chemical plant equipment supply contracts. Earlier this month, Sewon ENC signed a contract worth 9.3 billion KRW (6.95 million euros) to supply chemical plant equipment with DAELIM RUSSIA LLC, a local subsidiary of DL E&C (formerly Daelim Industrial).

Hamanbong, Head of Sewon ENC’s Chemical Business Division, stated, “With the expansion of COVID-19 vaccine distribution and favorable petrochemical market conditions, large-scale projects are resuming, and we expect chemical plant equipment orders to increase significantly starting in the second half of this year. We will strategically respond to bids for multiple projects, including LNG projects, and focus our capabilities on expanding high-quality new orders.”

A company official said, “Along with smooth order activities in the existing chemical plant equipment business, we are actively promoting new businesses such as gaming. We are also doing our best to improve the financial structure by repaying debts with funds secured through the sale of idle real estate, significantly reducing financial costs.”