LS Cable & System bags $67mn deal in Saudi Arabia
LS Cable & System has announced that it has received two orders worth US$67mn in Saudi Arabia to supply extra-high-voltage cables
LS Cable & System has announced that it has received two orders worth US$67mn in Saudi Arabia to supply extra-high-voltage cables.
Saudi Electricity Company is expanding the electrical grid system in its capital Riyadh and southwestern port city Jeddah, and LS Cable has signed a US$40 million (44.96 billion won) and US$27 million (30.35 billion won) contract with an engineering, procurement and construction (EPC) company for the project.
"The latest achievement is meaningful as it came at a critical time when a lot of Middle Eastern countries have cut their government spending and are postponing or canceling large projects due to falling oil prices," said LS Cable & System President Yoon Jae-in.
Saudi Arabia is the largest electricity market in the Middle East along with Qatar and Kuwait. A number of industry-leading cable manufacturers in Europe and Japan are vying to gain more market share there. LS Cable has ranked first in terms of market share in the Middle Eastern ultra-high-voltage cable market since the late 2000s, backed by its value-added products such as underwater power cables and 380kV underground power cables.