Hyundai Electric wins W35b deals from Saudi Arabia

Hyundai Electric and Energy Systems Co. said Sunday it has clinched two orders worth 35 billion won ($28.6 million) to supply power transformers and gas insulated switchgears to Saudi Electricity Co. and Saudi Arabia's state oil company Saudi Aramco.

Hyundai Electric, a unit of shipbuilding giant Hyundai Heavy Industries Co., said the state-run utility order came to 23 billion won, while the rest came from Saudi Aramco.

The latest contracts raised Hyundai Electric's deals in the oil-rich kingdom to more than 60 billion won in the January-April period, up more than triple from the same period last year.

Hyundai Electric was spun off from Hyundai Heavy Industries Co. in 2017. (Yonhap)