Hot Hyundai deal

SOUTH Korea’s Hyundai Heavy Industries says it has won a $3.14 billion order to build a thermal power plant in Saudi Arabia. Under the deal with Saudi’s energy authorities, Hyundai will build a 2640-megawatt power plant at a location 20km south of Jeddah and near the Red Sea by 2017, Hyundai said in a statement yesterday. The capacity of the plant is equivalent to 5 per cent of the Middle East country’s total electricity supply, it said.