Lee Kwang-il, head of GS E&C`s plant division (third from left), poses for a group photo session with Martyn Tickner, president of HMC Polymers (second from left), after signing a contract for the HMC PP4 Project on Tuesday (local time) in Thailand. [Photo provided by GS E&C]
South Korea’s GS Engineering & Construction Corp. (GS E&C) has signed a $230 million deal to build a petrochemical plant in Thailand on a turnkey basis.
GS E&C said Wednesday it won an order from Thailand’s HMC Polymers Co. to build a polypropylene plant capable of 250,000 tons per year at the Map Ta Phut Industrial Estate in Rayong, Thailand.
The HMC PP4 Project is estimated to cost about $230 million, equivalent to 2.1 percent of the company’s annual revenue last year, is expected to take 35 months to complete, the company added.
Earlier, GS E&C successfully finished the HMC PP3 Project worth $185 million for polypropylene production facilities after two years of construction in 2009. The latest deal is to add a plant right next to the previous one.
The latest contract has once again proved GS E&C’s advanced building technologies, said a company official.
By Lee Ji-yong and Lee Ha-yeon
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