LS Cable & System wins projects from 3 Middle Eastern countries worth $110 million.
Friday, Mar 30, 2012
On March 22, LS Cable & System (Chairman & CEO: Christopher Koo) announced that the company has won large projects totaling $110 million (about KRW123.1 billion): i.e. $107 million (about KRW120 billion) from Kuwait, $1.44 million (about KRW1.6 billion) from Saudi Arabia, and $1.36 million (about KRW1.5 billion) from Qatar.
LS Cable & System will supply 101.8km of 400kV cables and connectors for the extra high voltage cable construction projects being carried out by the Kuwait Ministry of Electricity & Water and Qatar General Electricity & Water Corporation to meet the rapidly increasing demands for electricity and build national infrastructures in the region. And in Saudi Arabia, LS Cable & System will supply and install 157.3km of 132kV gap conductors (refer to glossary) by August for a transmission system project of the Saudi Electricity Company that will connect the southern province of Najran with the southwestern province of Jizan. Importantly, LS Cable & System will earn extra revenues as the company will not simply supply cable products, but also install them.
LS Cable & System said that the company has now advanced into the high-value-added cable market by winning its first orders for 400kV products, which have previously been dominated by European and Japanese companies. By beating the global leading cable makers as well as local companies having a great deal of influence such as Saudi Cable, LS Cable & System has confirmed once again that the company possesses world-class technical know-how and product competitiveness.
“It proves once again that LS Cable & System is No. 1 in the Middle Eastern market,” said Executive Director Jaein Yun of LS Cable & System’s Energy Division. “In the Middle Eastern market, which is growing again so fast that it can be called a ‘second Middle Eastern Boom,’ we will work harder to obtain better results by engaging in systematic customized marketing activities.”
Source: LS Cable & System