S. Korean builders win record overseas orders in 2009

By Nam Kwang-sik
SEOUL, Dec. 14 (Yonhap) -- South Korean builders have won a record number of
orders this year, thanks to increased demand for plant construction from the
Middle East amid an economic recovery, government officials said Monday.
The builders have acquired orders worth a combined US$47.8 billion from 80
countries so far this year, compared with $47.6 billion last year, the Ministry
of Land, Transport and Maritime Affairs said.
"The strong performance in overseas orders by local builders is mainly
attributable to increased demand for industrial plant construction in the Middle
East, as oil prices stabilized at about $70 in the second half of this year," the
ministry said.
Orders from Middle Eastern countries stood at $35.1 billion, with those from
Asian countries coming to $10.1 billion.
The United Arab Emirates was the largest market for local builders this year,
awarding $15.8 billion worth of orders. Saudi Arabia placed second with $6.9
billion, trailed by Algeria with $3.7 billion and Libya with $3.1 billion.
Samsung Engineering Co., South Korea's local top plant builder, ranked first in
terms of overseas contracts by signing $9 billion worth of deals.
GS Engineering & Construction Co. took the second spot with $6.7 billion,
followed by Hyundai Heavy Industries Co., the world's largest shipbuilder, with
$4.6 billion and Hyundai Engineering & Construction Co., the nation's largest
builder, with $4.2 billion.
The ministry said that it will create a global fund worth about $1.7 billion to
financially support local builders.
In a bid to diversify overseas construction markets, the ministry plans to help
builders expand their presence in emerging markets in Asia and Africa, it said.
ksnam@yna.co.kr
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