Kwak Yeon-soo is a digital editor at The Korea Times creating, editing and curating digital content for the newspaper’s website, mobile app and social media. She previously covered a diverse array of cultural, political and business topics.
GS E&C wins $230 mil. order in Thailand
GS E&C Vice President Lee Kwang-il, third from left, poses for a photo with HMC Polymers President Martyn Tickner, second front left, and other company officials after signing a contract for the construction of a polypropylene plant in Thailand, Sept. 10. / Courtesy of GS E&C
By Kwak Yeon-soo
By Kwak Yeon-soo
GS Engineering & Construction has won a $230 million order for a petrochemical plant construction project in Thailand.
GS E&C said it has received the order from Thai firm HMC Polymers to build a polypropylene plant at a Map Ta Phut site in Rayong Province on a turnkey basis.
A turnkey basis refers to a type of project in which the contractor is responsible for the entire process of construction, which includes designing, purchasing, manufacturing and commissioning.
The company said it expects completion of the HMC PP4 project to take 35 months. The plant will have an annual capacity of 250,000 tons.
This came after GS E&C won a $185 million order from HMC Polymers to build its polypropylene plant in Thailand in 2007. The HMC PP3 project was completed in 2009.
GS E&C attributed the success of its latest deal to both its advanced construction technologies and close ties with HMC Polymers.
“We were able to sign an additional contract with HMC Polymers because the client recognized our technical, construction and management capabilities,” said Lee Kwang-il, vice president at GS E&C.
HMC Polymers is one of the leading companies in the manufacturing and marketing of polypropylene (PP) for Asia and worldwide.
With the latest deal, GS E&C aims to secure more orders in Thailand.
“We will keep on developing competitiveness in order to win future construction projects,” Lee said.
The company logged 5.1 trillion won ($4.2 billion) in sales and 398 billion won in operating profit in the first half of this year. GS E&C is the fourth-largest builder in Korea in terms of building capacity.