Hyundai Engineering & Construction, one of Korea’s largest builders, will reinforce its presence in the Middle East with an aim to expand into new markets, the company said.

The move came as the company attempted to diversify its business portfolio in the Middle East while launching new businesses in emerging markets such as Europe, Africa and South America, according to a company statement.

“We are committed to expanding the share of overseas business while continuously pushing for diversifying the business portfolio.” 

In the Middle East alone, the company is undertaking a total of 48 projects, worth $ 66.4 billion in total, encompassing large-scale nuclear reactors, sea ports and oil refineries.

Iraq’s Karbala Refinery Project, for example, is expected to be the largest deal to build oil refining facilities spearheaded by Hyundai E&C. It is worth $6.04 billion.

Taking advantage of its success in the region, the company is now making inroads into new markets. It is pushing for its overseas projects in Asia, South America and Australia. It has won a $ 1.6 billion deal to build railroads in Indonesia, following a $ 648 million deal to build a suspension bridge in Chile and a $ 4.3 billion deal to build a copper-processing plant in Australia.

“Hyundai has secured a solid business portfolio by winning a wide array of overseas projects. We believe it will help us retain our competitive edge in global markets,” said the company.

Hyundai E&C currently focuses on four business sectors ― civil engineering, construction, housing industry, plants and nuclear power.

By Yeo Jun-suk (jasonyeo@heraldcorp.com)