By Park Si-soo
Hyundai Engineering and Construction (E&C) said Monday it had secured a $3.47 billion refinery expansion and facility upgrade order in Venezuela.
The country's biggest builder said the order for the Puerto La Cruz refinery was secured in conjunction with affiliate Hyundai Engineering and China's Wison Engineering.
Hyundai E&C is the biggest stake holder in the project with a 72 percent share, followed by Hyundai Engineering with 18 percent and Wison with 10 percent.
This is the third project Hyundai E&C has secured in the Latin American country it first entered in 2012.
The plant is located 250 kilometers east of Caracas, the capital of Venezuela, with the project scheduled to be completed 47 months after work begins. The country's state-run oil company PDVSA placed the order.
"The securing of the order is expected to speed up the expansion of Hyundai's presence in the Latin American construction market," the company said in a press release.
Hyundai E&C, which was merged into Hyundai Motor Group in 2010, has diversified into Africa, the Commonwealth of Independent States and Latin America in recent years.
As of the end of July, it has secured projects worth $6 billion in overseas markets. It aims to reach $11 billion by the end of the year.