BHIG has achieved a total order performance worth 250 billion KRW domestically and internationally. BHIG announced on the 5th through a public disclosure that it signed a contract to supply combined cycle power plant Heat Recovery Steam Generators (HRSG) worth approximately 200 billion KRW (150 million USD) with Shandong Electric Power Construction Third Engineering Company (SEPCO-3).
By signing the HRSG supply contract with SEPCO-3, BHIG will participate in the largest combined cycle power plant construction project in Saudi Arabia. BHIG plans to supply a total of six 600MW-class HRSG units to combined cycle power plants being built in two regions, Taiba and Qassim, in Saudi Arabia.
The Taiba and Qassim power projects involve constructing six 3600MW-class LNG (liquefied natural gas) combined cycle power plants. The total project cost amounts to approximately 10 trillion KRW (8 billion USD), making it a 'mega' project. With national-level projects such as 'NEOM City' actively progressing in Saudi Arabia, HRSG is expected to play a key role in providing base power locally.
On the same day, BHIG also signed an HRSG supply contract worth 47.5 billion KRW for a 550MW-class unit with Daewoo Engineering & Construction. The supplied HRSG will be installed at the Gongju natural gas power plant. Recently, Korea Western Power issued a construction project for the Gongju natural gas power plant, replacing the aging coal-fired power plant Unit 2 in Taean County, Chungnam Province, with a new natural gas power plant.
Regarding the Gongju natural gas power plant project, BHIG will be responsible not only for supplying HRSG but also for supplying the condenser, one of the auxiliary equipment. Upon contract signing, the sales generated from this project are expected to expand to approximately 50 billion KRW.
With the orders for these two large-scale projects, BHIG has secured sales nearly equivalent to last year's annual performance in one go. The company explained that this also holds significant meaning in that BHIG’s excellent technological capabilities have once again been recognized worldwide in the global power infrastructure market, including domestically.
A BHIG representative said, “We are pleased to achieve large-scale results in the HRSG sector ahead of the full-scale auxiliary equipment (BOP) orders for Shin Hanul Units 3 and 4 this year,” adding, “We will do our best to maintain steady performance growth this year following last year.”
He continued, “We have a history of collaborating with SEPCO-3 on various projects mainly in the Middle East, including Kuwait, UAE, and Bahrain, and we plan to continue close cooperation to target the Middle Eastern market,” adding, “Domestically, we will maintain friendly cooperative relationships with several EPC companies and make every effort to secure additional orders.”
HRSG is one of the core main equipment of combined cycle power plants. It recovers heat generated from gas turbines to operate steam turbines. Along with nuclear power, it is regarded as an eco-friendly power generation device with a ‘carbon-neutral’ nature. BHIG, which possesses the original HRSG technology, is the only company in Korea to have commercial operation records of large HRSG units over 500MW.
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