Invest KOREA

According to Yonhap News,

A consortium led by Hyundai Engineering Co., a major South Korean industrial plant builder, said Thursday it has won a US$360 million deal to upgrade a refinery plant in Indonesia.

Under the deal with Indonesia's state-run PT Pertamina, Hyundai Engineering will build a sulfur recovery unit and a hydrogen manufacturing unit at the Balikpapan refinery in East Kalimantan, some 1,000 kilometers northeast of Jakarta.

Hyundai Engineering's stake is worth $230 million, accounting for 64.4 percent. The rest is held by Indonesian engineering firm Rekind.

The latest deal came five months after another consortium involving Hyundai Engineering won a $3.97 billion deal to upgrade the Balikpapan refinery.

Under the September deal, Hyundai Engineering will be responsible for the engineering, procurement and construction for the facility upgrade, which will increase the plant's oil-refining output from 260,000 barrels per day to 360,000 barrels per day.

Hyundai Engineering's stake in the September deal was $2.17 billion.

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Source: Yonhap News (Feb. 27 , 2020)