Hyundai Engineering and Spanish Tecnicas consortium wins 2 billion euro plant project

Hyundai Engineering Co., a plant engineering affiliate of Hyundai Motor Group, said Tuesday its consortium has been picked as the preferred bidder for a 2 billion-euro petrochemical project in Poland.

Under the proposed deal signed with Polish state-run refiner PKN Orlen, Hyundai Engineering and Spanish engineering firm Tecnicas Reunidas would receive deal for construction of a petrochemical complex in the central Polish city of Plock to be used in the production of ethylene.

The yet-to-be-built plant is expected to have an annual production capacity of 740,000 tons of ethylene, according to Hyundai Engineering.

Hyundai Engineering said it has a 55 percent stake in the project, while the rest is held by Tecnicas Reunidas.

Hyundai Engineering said it remains unclear when its consortium can sign a formal contract with PKN Orlen.

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