이 누리집은 대한민국 공식 전자정부 누리집입니다.
Biz News Korea(Eng)
HHI faces arbitration on $2.6 bn maintenance claims from Qatar client
- Collected
- 2018.03.26
- Distributed
- 2018.03.27
- Source
- Go Direct
Hyundai Heavy Industries said on Monday Barzan Gas filed for an arbitration with the International Chamber of Commerce to demand pipeline replacements that could cost more than $2.6 billion.
At 1:57 p.m. Monday, shares of Hyundai Heavy were 0.34 percent down at 147,000 won.
The Korean shipbuilder said the Qatar company has low chance of winning the case and formed a team of legal and engineering advisers. At the same time it will work on striking a “reasonable” settlement outside the court within its maintenance reserve of 220 billion won ($233 million).
Hyundai Heavy Industries won the $860 million worth project to build and install the topside, deck house and pipelines for natural gas facilities for Barzan Gas Company, a subsidiary of Qatar’s state-owned petro company Qatar Petroleum in January 2011. After the facilities were delivered in April 2015, the Qatar company complained of defects in some sections of the pipes and demanded full replacement with tougher ones.
HHI said the Qatar company is more or less acknowledging the problem in its original design and order on pipeline by asking replacement with different and stronger type that is five times more expensive.
By Woo Je-yoon and Lee Ha-yeon
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