Hyundai Engineering & Construction has won a $4.8bn contract to expand Venezuela’s Puerto la Cruz oil refinery. The win is a large step towards the Korean firm’s goal of earning $11bn in overseas construction orders this year.Â
Hyundai will take 90% of the work, and China’s Wison Engineering will handle the remaining 10%. The contract was let by PetrÃ³leos de Venezuela, the country’s state-run oil company.Â
Hyundai has completed two projects in Venezuela since starting business there in 2012. It has set up branches in Columbia, Chile and Uruguay in the past four years.Â
The consortium halted work on the project earlier this year owing to non-payment of interim costs.
The facility is located 250km from the capital Caracas. Hyundai E&C is South Korea’s largest construction company.
Hyundai has this year said it wants to take part in a $1.6bn railroad project in Indonesia.Â
The construction will take about four years to complete. It is unclear when it will begin.