Korea Overseas Infrastructure and Urban Development Corp. (KIND) has won an overseas construction project, jointly with a Korean company, for the first time since its foundation in June last year. Kind was created in order to support Korean companies’ overseas expansion.
The Ministry of Land, Infrastructure and Transport announced on May 12 that KIND was awarded the “Polimery Police” plant construction project in Poland.
Hyundai Engineering is the primary contractor for the petrochemical plant project, which is worth US$1.1 billion. It signed an engineering, procurement and construction (EPC) contract in Poland on May 11 (local time).
KIND and Hyundai Engineering also signed an investment cooperation agreement (ICA) with state-run Polish company Azoty to discuss their share of the equity.
After the conclusion of the ICA, KIND and Hyundai Engineering will carry out due diligence on the project and discuss investment conditions. An equity investment contract will be signed after the final investment review and approval by the two companies.
The ministry explained that KIND decided to provide investment support after receiving a request for equity investment from Hyundai Engineering, which competed with foreign rival for the project.