S. Korean companies win record industrial plant orders in 2009

SEOUL, Jan. 4 (Yonhap) -- South Korean companies secured record-high industrial
plant orders from overseas in 2009 due to a surge in demand from oil-rich
countries and steady pace of a global economic recovery, a government report
showed Monday.

The combined value of plant orders received by local firms reached US$46.3
billion last year, up 0.2 percent from a year earlier, according to the report
released by the Ministry of Knowledge Economy.
"The growth was fueled by a sharp rise in orders for large industrial
infrastructure projects in the oil and gas sectors," the ministry said.
It said oil and gas related plant orders accounted for 67 percent of the total
secured for the entire year. Most of the orders were won in the second half
following a near 70 percent drop in the first six months of this year.
In the October-December period, orders reached an all-time quarterly high of
$22.9 billion as rising oil prices fueled demand from Middle East countries.
Orders from such countries as the United Arab Emirates, Saudi Arabia, Kuwait and
Iran reached $31.1 billion for a on-year gain 55.4 percent, while those from
Europe and North America plunged 79.6 percent and 75.9 percent respectively.
The drop in orders from advanced industrialized countries was due to the sharp
drop in demand for expensive offshore oil exploration and production platforms.
Local companies won just $2.9 billion worth of orders in the North American
market and $1.1 billion from European countries.
The ministry predicted local companies are expected to clinch plant orders worth
$50 billion in 2010.
yonngong@yna.co.kr
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