Hyundai Electric wins transformer order from Saudi utilities
Hyundai Electric and Energy Systems Co. has won two orders to supply equipment to Saudi Electricity Co. and Saudi Arabia’s state oil company Saudi Aramco.
The orders, worth around $28.6 million, will see Hyundai Electric providing power transformers and gas-insulated switchgears to the Saudi utilities.
Hyundai Electric, a unit of shipbuilding giant Hyundai Heavy Industries Co., said the state-run utility order came to $69 million, while the rest came from Saudi Aramco.
The latest contracts raised Hyundai Electric’s deals in the oil-rich kingdom to more than $180 million in the January-April period, up more than triple from the same period last year.
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