S. Korea wins record plant orders in 2008

By Lee Joon-seung
SEOUL, Jan. 8 (Yonhap) -- South Korean companies secured record-high industrial
plant orders from overseas in 2008 thanks to strong demand from oil-rich
countries, a government report showed Thursday.
The combined value of plant orders received by local firms reached US$46.2
billion last year, up 9.5 percent from a year earlier, according to the report
released by the Ministry of Knowledge Economy.
"The solid growth was fueled by a boom for industrial infrastructure in
resource-rich countries as well as strong demand for drill ships and floating
platforms," the ministry said.
According to the report, Middle East orders for refineries and industrial
facilities soared 63 percent on-year to $20 billion in the first half of last
year alone.
Local companies won $12.3 billion worth of orders in the North American market as
oil companies signed contracts for expensive offshore oil exploration and
production platforms.
Orders for oil and gas processing facilities, marine platforms and industrial
facilities posted solid gains while those for power generation, desalination and
petrochemicals lost ground, the report said.
The ministry predicted local companies are expected to clinch plant orders worth
$50 billion in 2009.
yonngong@yna.co.kr
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