S. Korea's Hyosung wins US$100m deal from Algeria

March 24, 2014 - 10:38:34 am

SEOUL: Hyosung Corp., a South Korean electricity machinery maker, said Monday that it has clinched a US$100 million deal to build an electricity transformer in Algeria.

Under the deal with Algeria's state-owned utility distributer Sonelgaz, Hyosung will construct a 400-kilovolt substation in the northern Marsat region by 2016, according to South Korea's Yonhap News Agency.

Hyosung said it has formed a consortium with Samsung C and T Corp., a construction unit of Samsung Group, for the project.

The order came after Hyosung won an $80 million project to build four 400-kilovolt substations in Algeria's eastern region of Hassi Messaoud in 2010.

Algeria is the No. 1 natural gas exporter in Africa, supplying approximately 20% of the energy consumed in Europe. (QNA)