South Korea’s Hyundai Heavy Industries Co. said Tuesday that it has signed a memorandum of understanding (MoU) with Saudi Arabian state-run utility firm National Grid SA. on electric equipment and machinery supplies and services. The MOU was signed by the company’s Electro Electric Systems division head Joo Young-geol and Mohammad Al-Rafaa, Engineering vice president of National Grid SA at the Ulsan headquarters. Under the deal, Hyundai Heavy Industries will not only supply the equipments for power grids but also provide support in designing and engineering as well as standardization and development. Saudi Arabia plans to inject up to $89.3 billion by 2021 to rev up its electricity output to 105 gigawatts (GW) from current 65 GW. Hyundai Heavy Industries has provided 400 billion won (361 million won) worth power transformers and gas-insulated switchgears to the Middle Eastern country last year.. It did not specify the financial value of the latest deal.
Source: Pulse