ID :
39677
Fri, 01/09/2009 - 00:25
Auther :
Shortlink :
http://m.oananews.org//node/39677
The shortlink copeid
S. Korea wins record plant orders in 2008
(ATTN: UPDATES with more details in paras 3,7; ADDS with new information from para 8)
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. It also said large orders exceeding $500 million
made up $35.3 billion or 76 percent of all deals signed last year, indicating
future exports will be centered on more value-added, large facilities.
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.
For 2009, the ministry predicted local companies will clinch plant orders worth
$50 billion, despite worsening market conditions caused by the slowdown in the
global economy.
To cope with such developments, it said there will be an increase in export
insurance coverage for industrial plants from 28.6 trillion won in 2008 to 43
trillion won for this year.
To further help exports, Seoul plans to send a project mission to Latin America
and Central Asian countries that are stepping up efforts to develop oil and gas.
The ministry, meanwhile, said it will take a role in training 900 skilled
technicians and engineers every year for the next five years to make up for a
lack of qualified workers.
yonngong@yna.co.kr
(END)
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. It also said large orders exceeding $500 million
made up $35.3 billion or 76 percent of all deals signed last year, indicating
future exports will be centered on more value-added, large facilities.
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.
For 2009, the ministry predicted local companies will clinch plant orders worth
$50 billion, despite worsening market conditions caused by the slowdown in the
global economy.
To cope with such developments, it said there will be an increase in export
insurance coverage for industrial plants from 28.6 trillion won in 2008 to 43
trillion won for this year.
To further help exports, Seoul plans to send a project mission to Latin America
and Central Asian countries that are stepping up efforts to develop oil and gas.
The ministry, meanwhile, said it will take a role in training 900 skilled
technicians and engineers every year for the next five years to make up for a
lack of qualified workers.
yonngong@yna.co.kr
(END)
