Korean builders yet to receive word on Kuwait deal

By Nam Kwang-sik

SEOUL, March 17 (Yonhap) -- Four major South Korean builders said Tuesday they have not received an official notice from a Kuwaiti state oil firm about the cancellation of a bilateral deal on the construction of a refinery in the Middle Eastern nation.

Due to opposition from parliament, the Kuwaiti government was reportedly
considering canceling the US$8 billion deal signed between the builders and the
state-run Kuwait National Petroleum Co. (KNPC) in May last year, according to
industry sources.
Hyundai Engineering & Construction Co., Daelim Industrial Co. and GS Engineering
& Construction Co. said in their respective regulatory filings that they have not
received any official notification on a possible cancellation of the deal from
KNPC.
SK Engineering & Construction Co., an unlisted construction unit under South
Korea's third-largest conglomerate, SK Group, also said it had not been informed
of the cancellation.
If the deal is canceled, the builders will have to return the 100 billion won
($70.2 million) they received in advance from KNPC to the Kuwaiti oil firm, the
sources said.