Daewoo E&c Wins $809 Mil. in Overseas Orders

Daewoo Engineering & Construction Co., South Korea's No. 3 builder, said Friday that it has signed a combined $809 million deal to build a petrochemical plant in Saudi Arabia and a fertilizer plant in Nigeria.

Under the deal with Saudi Arabia's state-run oil firm Saudi Aramco, the local builder will build a plant for naphtha processing and aromatics production in the kingdom's southwestern economic city of Jazan near the Red Sea.

Daewoo E&C said it secured the $1.04 billion contract by forming a strategic partnership with JGC, a Japanese engineering company. The two companies are set to complete the plant 41 months after starting construction and each has a 50 percent interest in the deal.

The latest order brings to $1.285 billion the total value of orders won by the South Korean...