South Korean company will supply power transformers and switchgears to SEC and Saudi Aramco
Hyundai Electric and Energy Systems recently confirmed it has clinched two orders worth 35 billion South Korean won (US$ 28.6mn) to supply power transformers and gas insulated switchgears to Saudi Electricity Co. and Saudi Arabia’s state oil company Saudi Aramco.
Hyundai Electric, a unit of shipbuilding giant Hyundai Heavy Industries, said the state-run utility order came to 23 billion won, while the rest came from Saudi Aramco, according to a recent report by the South Korean news agency Yonhap.
The latest contracts raised Hyundai Electric’s deals in the oil-rich kingdom to more than 60 billion won (US$ 49bn) in the January-April period, up more than triple from the same period last year.
Hyundai Electric was spun off from Hyundai Heavy Industries in 2017.
