ID :
22749
Sun, 10/05/2008 - 22:46
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Shortlink :
http://m.oananews.org//node/22749
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Industrial plant orders won by S. Korean firms up sharply in Q3
SEOUL, Oct. 5 (Yonhap) -- The number of industrial plant orders won by South
Korean companies rose sharply in the third quarter, fueled by infrastructure
demand in oil-rich countries, the government said Sunday.
Orders for offshore facilities, desalination and petrochemical plants as well as
other industrial infrastructure rose 45 percent annually to US$15.1 billion in
the three month period, the Ministry of Knowledge Economy said.
The third quarter tally raises the total orders secured to $38.2 billion for this
year. In 2007, the total orders secured by local engineering companies and
shipbuilders stood at $42.2 billion, reflecting a gain of 66.1 percent from the
year before.
The ministry said orders from Gulf Cooperation Council states like Saudi Arabia,
Kuwait and the United Arab Emirates accounted for 53 percent of the total, or
$8.0 billion, followed by orders from the Americas, which topped $5.2 billion.
Orders from Asian and European countries topped $990 million and $760 million,
respectively.
Compared to an average of about $70 per barrel seen in 2007, Dubai crude prices
soared past the $140 mark this year before falling to $90 and $100 levels in
recent weeks. High prices have also triggered demand for exploration rigs.
"Oil-producing countries in the Middle East have been placing orders to use their
extra earnings to update and expand their industrial infrastructure and buy new
equipment," said a government official. He added that there was a rise in the
number of orders exceeding $500 million and said these made up $13.7 billion or
91 percent of the deals secured from July to September.
Highlighting the surge by resource rich countries, oil and gas refining
facilities topped the list of orders, followed by marine installations including
expensive drill ships and rigs
Desalination and petrochemical facilities accounted for 17 percent of all orders
placed.
At the current pace, total exports of industrial plants will reach $50 billion
with numbers expected to double by 2012, the government said. The figure would
make South Korea one of the world's top five plant-exporting countries.
Korean companies rose sharply in the third quarter, fueled by infrastructure
demand in oil-rich countries, the government said Sunday.
Orders for offshore facilities, desalination and petrochemical plants as well as
other industrial infrastructure rose 45 percent annually to US$15.1 billion in
the three month period, the Ministry of Knowledge Economy said.
The third quarter tally raises the total orders secured to $38.2 billion for this
year. In 2007, the total orders secured by local engineering companies and
shipbuilders stood at $42.2 billion, reflecting a gain of 66.1 percent from the
year before.
The ministry said orders from Gulf Cooperation Council states like Saudi Arabia,
Kuwait and the United Arab Emirates accounted for 53 percent of the total, or
$8.0 billion, followed by orders from the Americas, which topped $5.2 billion.
Orders from Asian and European countries topped $990 million and $760 million,
respectively.
Compared to an average of about $70 per barrel seen in 2007, Dubai crude prices
soared past the $140 mark this year before falling to $90 and $100 levels in
recent weeks. High prices have also triggered demand for exploration rigs.
"Oil-producing countries in the Middle East have been placing orders to use their
extra earnings to update and expand their industrial infrastructure and buy new
equipment," said a government official. He added that there was a rise in the
number of orders exceeding $500 million and said these made up $13.7 billion or
91 percent of the deals secured from July to September.
Highlighting the surge by resource rich countries, oil and gas refining
facilities topped the list of orders, followed by marine installations including
expensive drill ships and rigs
Desalination and petrochemical facilities accounted for 17 percent of all orders
placed.
At the current pace, total exports of industrial plants will reach $50 billion
with numbers expected to double by 2012, the government said. The figure would
make South Korea one of the world's top five plant-exporting countries.
