Hyundai Engineering with HDEC signed $3 Billion USD - Venezuela refinery project

Wison Engineering Ltd together with Hyundai Engineering & Construction Co Ltd has won a $2.993 billion contract to upgrade a state-run oil refinery in Venezuela.

The three companies were granted the contract on June 28, 2012.

The companies will carry out engineering, procurement and construction of the Puerto la Cruz Refinery project, which is located 250 kilometers east of Caracas, the capital of Venezuela.

The project, which is expected to be completed within 42 months from its commencement, will upgrade refinery facilities to process heavy crude oil with a capacity of 210,000 barrels a day. The contract also calls for the expansion of gasoline, diesel and aviation kerosene projects and other facilities.

The $2.993 Billion US Dollar contract is a joint consortium of the following:

  • Hyundai Engineering & Construction Co., Ltd (HDEC)'s share is $1.347 Billion US Dollars
  • Wison Engineering's share is $927.80 Million US Dollars
  • Hyundai Engineering Co., Ltd (HEC)'s share is $718.32 Million

"Venezuela refinery project is one of the multi Million Dollar project of Hyundai Engineering since the company has been awarded more than 1 Billion US Dollar projects in Turkmenistan and India last year (2011) which construction is still currently on progress

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