Belt Auction

HHI GE Consortium Close to Winning Construction Order from Kuwait

Summary: Hyundai Heavy Industries HHI and General Electric GE Consortium are forecast to win a construction order to build a gas power plant worth $2 65 billion roughly 3 24 trillion won According to news agency Bloomberg and related industries on August 27 Kuwait s Central Trading Committee CTC has approved HHI GE Consortium which submitted the lowest bid as the constructor of the Kuwait Sabrya gas power station project Accordingly the consortium is expected to reach a formal agreement with Kuwait s KME following the final approval by an audit supervisory board The Sabrya gas power station project is building a 2 000 megawatt gas station in Sabrya Kuwait s biggest gas reserve located at north of the country Siemens submitted the lowest bid of $2 4 billion in the bidding process of 2007 However Kuwait put the project up for another bidding process due to high cost of foreign exchange hedging against the euro Besides HHI GE consortium Siemens Doosan Heavy Industries consortium Spain s IBERDROLA Japan s Marubeni Corporation Canada s SNC LAVALIN are known to have joined the bidding process this year HHI GE Consortium won against Siemens for offering a lower bid However HHI and GE have not finalized the shareholding ratio Given two companies have yet to conclude a final agreement the numbers will not be disclosed as for now said a source familiar with the matter Yen mi Hong JYJ ⓒ Maeil Business Newspaper mk co kr All rights reserved Hyundai Heavy Industries HHI and General Electric GE Consortium are forecast to win a construction order to build a gas power plant worth $2 65 billion roughly 3 24 trillion won According to news agency Bloomberg and related industries on August 27 Kuwait s Central Trading Committee CTC has approved HHI GE Consortium which submitted the lowest bid as the constructor of the Kuwait Sabrya gas power station project Accordingly the consortium is expected to reach a formal agreement with Kuwait s KME following the final approval by an audit supervisory board The Sabrya gas power station project is building a 2 000 megawatt gas station in Sabrya Kuwait s biggest gas reserve located at north of the country Siemens submitted the lowest bid of $2 4 billion in the bidding process of 2007 However Kuwait put the project up for another bidding process due to high cost of foreign exchange hedging against the euro Besides HHI GE consortium Siemens Doosan Heavy Industries consortium Spain s IBERDROLA Japan s Marubeni Corporation Canada s SNC LAVALIN are known to have joined the bidding process this year HHI GE Consortium won against Siemens for offering a lower bid However HHI and GE have not finalized the shareholding ratio Given two companies have yet to conclude a final agreement the numbers will not be disclosed as for now said a source familiar with the matter Yen mi Hong JYJ ⓒ Maeil Business Newspaper mk co kr All rights reserved

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