By Kim Yoo-chul
LS Cable, the world’s third-largest manufacturer of cables, has expanded its overseas dealing by entering into the South American market.
The company said Wednesday that it signed a contract worth 200 billion won with CORPOELEC, Venezuela’s state power corporation to supply 230 kilovolt extra high-voltage submarine cables.
LS Cable is the first Korean company to make inroads into the South American submarine cable market, said company spokesman Pete Kim.
The cables will connect the 40 kilometer distance between the Venezuelan city of Chacopata and Margarita and be used to supply electric power in the region.
``LS Cable won this contract on a full turnkey basis, including not only the delivery of cables, but also installation work and testing. Its capabilities as a general engineering company for submarine power cable systems as well as its production technology were recognized once again,’’ a statement read.
Demand for electric power is steadily increasing, opening more room for LS Cable to
further expand its submarine cable business.
The firm added it expects to win additional orders for cables from other South American countries, though it didn’t elaborate further.
Submarine cables are one of LS Cable’s new growth engines. Last year, it won a similar project in Qatar worth 500 billion won ― the largest export contract for a local cable maker.