Hyundai Electric wins heavy transformer deals in Saudi Arabia
The two orders worth $28.6mn are for supplying power transformers and gas insulated switchgears to Saudi Electricity Co
Hyundai Electric and Energy Systems Co. said it has bagged two orders worth $28.6mn to supply power transformers and gas insulated switchgears to Saudi Electricity Co. and Saudi Arabia's state oil company Saudi Aramco.
Hyundai Electric, a unit of shipbuilding giant Hyundai Heavy Industries Co., said the state-run utility order came to $69mn, while the rest came from Saudi Aramco.
The latest contracts raised Hyundai Electric's deals in the oil-rich kingdom to more than $180mn in the January-April period, up more than triple from the same period last year.
Hyundai Electric was spun off from Hyundai Heavy Industries Co. in 2017.