Hyundai Heavy Lands $900MM Deal for Barzan Gas Project
Hyundai Heavy Industries has received a letter of award (LOA) for a $900 million deal to execute the offshore part of Barzan Gas Project in Qatar. Following the LOA, the official contract will be signed later in January.
The project will be located 80 km northeast of Ras Laffan Industrial City, Qatar. As an EPC contractor, Hyundai Heavy will carry out engineering, procurement, fabrication, transportation, installation, hook-up, and commissioning of offshore facilities including three offshore wellhead platforms, 300 km of subsea pipelines and 100 km of subsea cables by the end of 2013.
The Barzan Project consists of onshore and offshore gas-processing facilities to be operated by RasGas Company, a joint venture between the state-run Qatar Petroleum and Exxon Mobil. The project, which will produce 1.9 billion cubic feet a day of gas, will come on stream in 2014.
This new order is a good start for Hyundai Heavy's Offshore & Engineering Division, having set their new orders goal for $4.8 billion this year.
As a reliable EPC contractor, Hyundai Heavy is cementing its status with major offshore projects such as the $2.06 billion Australian Gorgon Project, $1.4 billion Myanmar SHWE Gas Plant Project, and the $1 billion UAE Gas Treatment Plant Project.