LS Cable & System signed a contract with Bahrain Electricity and Water Authority for its extra-high voltage cable project worth 142 billion won ($125 million).
The project involves setting up a new electrical grid in Bahrain to provide necessary power as part of the government’s efforts to industrialize and urbanize the nation.
LS Cable & System will be supplying 400-kilovolt extra-high voltage cables and also be in charge of engineering works involving electricity and civil engineering.
The Middle East is an important market as it accounts for around 20 percent of the global demand for extra-high voltage cables. But infrastructure investment has largely been delayed in recent years due to low oil prices.
“As Bahrain has recently discovered a submarine oil field worth 80 billion barrels and the government is making efforts for industrial development at a national level, we expect to gain more contracts based on this project,” said Roe-Hyun Myung, CEO of LS Cable & System.
LS Cable & System has the largest market share in the Middle East, mainly in Bahrain, Qatar and Kuwait, in terms of extra-high voltage submarine and underground cables. In 2012 and 2016, it signed contracts with Qatar worth 500 billion won and 220 billion won, respectively, to provide the nation’s largest submarine extra-high voltage.
By Shin Ji-hye (email@example.com)