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THE INVESTOR] LS Cable and System announced on Oct. 11 that it has received two orders worth US$67 million to supply extra-high voltage cables to Saudi Electricity Company.
The state-owned electricity company is expanding the network in its capital Riyadh and second-largest city Jeddah, and LS Cable has signed a US$40 million and US$27 million contract with an engineering, procurement and construction company for the project.
The South Korean cable manufacturer has maintained the lead in Middle Eastern extra-high voltage cable market for almost a decade, but “this order comes at a time when the countries in the region are postponing or canceling large projects due to the falling oil prices,” said Yoon Jae-in, president of the company.
By Hwang You-mee (
glamazon@heraldcorp.com)
