[Photo by LS Cable & System Ltd.]
South Korea’s leading cable manufacturer LS Cable & System Ltd. (LS C&S) has secured a 112.5 billion won ($95 million) worth contract to build power grid in Kuwait.
Under the contract with Kuwait`s Public Authority for Housing Welfare, LS C&S will build power grid in Al-Mutlaa, a new town located 40 kilometers northwest of Kuwait City. The company will be responsible for supplying 400-kilovolt-class power lines as well as power grid construction. The company aims to complete the project, which is scheduled to start next month, by January 2021.
LS C&S expects to win additional orders in Kuwait, given the Middle Eastern country’s plan for massive infrastructure projects and new city developments, said its president and CEO Myung Roe-hyun.
Kuwait plans to invest over 30 trillion won to develop its infrastructure by 2035, said LS C&S. Moreover, the country’s average power use per person is the highest in the world and that level is growing by 5 percent on average every year, it added.
The Korean company first entered the Middle Eastern cable market in early 2000 and now commands the largest share in the region’s high-voltage power cable sector.
As part of efforts to cement its leading position in the region with seamless cable supply, it opened a cable plant in Dzierzoniow in southwest Poland last month. It is the first time for a Korean cable maker to open a cable plant in Europe. The cable factory will also produce battery parts for electric cars and fiber-optic communication cables.
By Kang Doo-soon and Cho Jeehyun
[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]