Overseas construction orders top record US$40 bln

SEOUL, Oct. 8 (Yonhap) -- Overseas construction orders won by South Korean
companies surpassed the record US$40 billion mark on strong demand from oil-rich
Middle Eastern countries, a government report said Wednesday.

The Ministry of Land, Transport and Maritime Affairs said orders tallied as of
Tuesday reached $40.4 billion, up 45.4 percent from a year earlier.
Future building projects secured as of this month have already surpassed the
$39.8 billion in orders for all of last year, and predictions are that if ongoing
bids for large scale building projects are successful the total could reach $50
billion by year's end.
"Rises in crude oil and other natural resource prices have caused countries with
extra cash to place a greater number of orders, and this trend is expected to
continue for some time," the report said.
According to the report, orders from oil-rich Middle Eastern countries jumping
36.2 percent year-on-year to $24 billion, with contracts from Asian countries
surging 56 percent to $11 billion.
Of the total, 60 percent or $24.2 billion were contracts for industrial plants,
followed by construction and public engineering, which reached $7.9 billion and
$6.5 billion respectively.
Among local companies, Hyundai Engineering and Construction Co. led the pact by
securing $6.1 billion worth of orders so far, followed by GS E&C and Daelim
Industrial Co.