Hyundai Motors opens Nurburgring Test Centre in Germany

The Hyundai testing facility at Nürburgring

Hyundai has officially opened its 6.6 million Euro test centre in Germany at the famous Nurburgring.

Boosting the Hyundai Motor's brand's R&D operations in Europe, the new centre for testing provides Hyundai with a full-time presence at the iconic Nurburgring circuit, allowing it to further evaluate and develop the durability and driving dynamics of its vehicles 'more effectively and more often'.

Construction of the Centre began in June 2012 and was completed in less than 15 months. The glass and steel building houses workshops, office spaces and hospitality areas over four floors and is an extension of Hyundai's European R&D centre in Russelsheim, Germany, where the brand's European design and engineering teams have been based since 2003.

The Nurburgring is widely recognized as one of the most challenging tracks in the world, with 73 corners - 33 left and 40 right - spread across 12.8 miles of tarmac. With a difference in height of almost 300 meters between the lowest and the highest points, it features uphill and downhill gradients of 11 and 17 per cent respectively.

Each car taking part in Hyundai's 'accelerated durability tests' laps the Nurburgring 480 times in both dry and wet conditions, simulating over 100,000 miles of rigorous driving in less than six weeks. Throughout each lap, data parameters are continually monitored, assessing steering input and vehicle course, suspension movement and ride and handling characteristics. The results are given directly to the vehicle development team based at the circuit, enabling Hyundai's engineers to quickly make changes and tailor cars' characteristics to the demands of European drivers.

Hyundai will be able to refine their product to suit European tastes at the new Nürburgring facility

Allan Rushforth, Senior Vice President and COO of Hyundai Motor Europe commented: "The Nurburgring is a unique challenge for any vehicle, so it is the perfect location for our new facility. The emotional appeal of being 'tested at Nurburgring' will also help to further build the brand's reputation across Europe."

$3 Billion Iraq Plans Oilfield Contract Award to Hyundai, Samsung & Daewoo

Iraq plans to award contracts to Hyundai Heavy Industries' Engineering and Construction Division, Samsung Engineering, and Daewoo Engineering & Construction for works on Zubair, one of its largest oil fields, Oil Minister Abdul Kareem al-Luaibi said.

"We are in the last stages in attributing the project entirely to three Korean companies," Luaibi said at the signing ceremony for a memorandum of understanding on energy cooperation with South Korean Energy Minister Yoon Sang Jick in Seoul today. "This matter will be completed in less than two weeks."

The Zubair project will cost more than $3 billion, he said, without indicating whether it was the sum that the three companies would get, or how much each would receive.

Hyundai Heavy Industries' Engineering and Construction Division and Samsung Engineering have each submitted bids for the Zubair project, according to officials at the companies. A Daewoo Engineering spokesman declined to comment other than to say the company hopes to win more orders in Iraq later this year, according to an e-mailed response to questions.

Eni Spa is leading the group that won the tender to develop the oil field, located near the southern city of Basrah, with the participation of Occidental Petroleum Corp  Korea Gas Corp. and Missan Oil. Eni said in July it's targeting a plateau production of 850,000 barrels a day for Zubair.

Bloomberg Business Week

Hyundai Engineering & Construction, consortium wins $3.4 billion order in Turkmenistan

(Photo: Ethane Separation Plant constructed by Flour)

Hyundai Engineering & Construction Co Ltd (HDEC) and consortium with two other companies won an order worth 3.7 trillion won, or $3.4 billion US Dollar, order to build ethane treatment facilities in Turkmenistan from Turkmengas, the country's state gas company.

On 2010, Hyundai Engineering Co., Ltd (HEC) with other consortium won a $1.48 Billion US Dollar for LNG project.

In a regulatory filing, Hyundai Engineering & Construction Co Ltd (HDEC)' contract would take effect after certain conditions, such as a finance agreement, were met, after which construction is expected to take 47 months.

Hyundai Engineering & Construction, Obayashi, GS bags $2 Billion Dollars DUO in Ophir-Rochor and Marina Singapore projects

M+S Pte Ltd, a 60:40 joint venture between Khazanah Nasional Bhd and Temasek Holdings, has awarded two contracts worth over S$2 billion (RM5.2 billion) to the principal contractors for its mixed-use developments in Singapore – DUO in Ophir-Rochor and Marina One in Marina South.

The two contracts were awarded to Japanese Obayashi Corp for DUO and a Korean consortium of Hyundai Engineering & Construction and GS Engineering & Construction for Marina One.

M+S chairman Tan Sri Azman Yahya in a statement yesterday said the appointment of the three reputable contractors marked another significant milestone for the two iconic developments.

He said construction for the two developments is expected to start this year. Initial piling works have been completed at DUO and piling for Marina One is scheduled for completion this year.

When completed in 2017, both developments will complement and enhance the new growth areas of Ophir-Rochor and Marina South with their unique offerings.

"DUO is set to take its place as the civic nexus of Bugis and as the largest integrated development within the arts, cultural and educational precinct. Marina One's lush greenery and flowing waterfalls in its green heart will be a sanctuary for urban dwellers in Singapore's new Central Business District (CBD)," said M+S.

M+S was set up on June 2011 to develop four parcels of land in Marina South and two plots of land in Ophir-Rochor within Singapore as the integrated developments Marina One and DUO respectively.

The DUO development features DUO Residences comprising a 49-storey residential block of 660 units, DUO Tower encompassing a 39-storey commercial and hotel complex, and DUO Galleria, a unique retail gallery with basement carparks.

Marina One, meanwhile, encompasses two 30-storey office blocks (Marina One East Tower and Marina One West Tower), Marina One Residences which comprises two 34-storey residential blocks of 1,042 units, four basement levels, an underground pedestrian network and an ancillary road network.

The Sun Daily

Hyundai Heavy Industries bags US$1.4 Billion Order for 10 Container Ships in the Middle East

Hyundai Heavy Industries delivered a similar 14,000 TEU vessel, the APL Temasek pictured above, to APL in March of this year

Hyundai Heavy Industries Company successfully obtained an order for 10 extra-large container ships from the Middle East.

On August 30, Hyundai signed a US$1.4 billion contract (including construction of 5 Hyundai Samho Heavy Industries ships) for a total of 10 container ships - five 18,000 TEU container ships and five 14,000 TEU container ships - with the United Arab Shipping Company (UASC) in Dubai, United Arab Emirates.

In this contract, an option of a possible order of 7 additional ships - one 18,000 TEU ship and six 14,000 TEU ships - has been added. If this optional order is also successfully obtained, the final contract amount will be around US$2 billion. Hyundai was able to sign this large contract due to the good evaluations it has received for its past abundant container shipbuilding experience, advanced technologies such as high efficiency and eco-friendly ship models, and fast project completion in cooperation with the Hyundai Samho Heavy Industry Company.

A Hyundai official said, "The Company's continuous research and development (R&D) on eco-friendly, high-efficiency ships led directly to this large order," and added, "We will continue to work hard with harmonious labor and management to provide satisfactory technology development that can lead the market."

Hyundai Heavy Industries Company has obtained a total of US$19.6 billion in orders (including Samho's orders) accomplishing 82% of its annual goal of US$23.8 billion in revenue.

Hyundai became pioneers in the extra-large container ship market in 2005 by signing a world's first order for a 10K TEU. In January of this year, it obtained an order for five 14,000 TEU container ships from Canadian company Seaspan. In May, China gave the world's largest order of five 18,400 TEU container ships.

Business Korea