Assaluyeh Gas Plant South Pars Phases 4&5

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Megaproject enabled Hyundai E&C to break through the IMF financial crisisIn March 2003, when the last minute construction of Iran’s South Pars Gas Field Phase 2·3 was ongoing, Hyundai E&C won the Assaluyeh Gas Plant South Pars Phases 4&5 (AONE) contract. The AONE phase 4·5 project was almost similar to that of Phase 2·3 in size and details. However, the construction cost was amounted to USD 1.623 billion accounting for 67% of the overseas contract price of USD 1.8 billion, the total target amount of Hyundai E&C in 2002. The scale of Iran’s South Pars Gas Field Development Phase 2~5 was a big help for Hyundai E&C in overcoming the distressing liquidity crisis and workout due to the IMF financial crisis in 1997.The AONE project was constructing a facility processingㆍrefining natural gas mixture transferred through a submarine pipeline from the South Pars’ gas field in the Persian Gulf coast 105km south of the south coast of Iran. The natural gas processed through AONE amounted to 2 billion cubic feet per day. Through the completion of AONE, Assaluyeh, a small fishery village of about 1,500 population, leaped into eminence of a global petrochemical complex.Pioneer in overseas gas processing plant constructionIn terms of completion, the AONE project was the single largest overseas plant project as a Korean construction company. In terms of construction, Hyundai E&C completed fuel gas in (synthesis gas injection) in 24 months since the commencement of work, which was the shortest period in the global mega plant construction. In August, within just 28 months of the commencement work, we also successfully produced product, the shortest time period. It was the fastest record in the history of global plant construction. Since January 2005, when Plant No. 4 started normal operation, all plants started producing products without any problem. In terms of manpower, the number of daily manpower recorded 18,300. With 9.5 million man-days, the project established the highest record. Upon the successful completion, Hyundai E&C was recognized for its outstanding technical competence and construction capability in overseas gas processing plant construction while holding an unchallenged position as an EPC contractor.

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