■ Will build high-capacity transmission network in a new town 1.5 times the size of Bundang
■ Remains market leader in the Middle East extra-high voltage cable market
On June 18, LS Cable & System (President & CEO Roe-hyun Myung) announced that it won a contract for KRW112.5 billion to build electrical grids in a large new town of Kuwait.
LS C&S signed a contract with the Kuwait Housing Welfare Council to build its first transmission network in the new town of Al-Mutlaa.
Kuwait is currently building-out no fewer than nine large-scale new towns including Al-Mutlaa and Abdullah to address local problems such as the rapid increase in population, and public housing supply shortage for nationals that is almost free of charge.
Al-Mutlaa is located 40km northwest of Kuwait City and is about 1.5 times the size of Bundang. LS C&S will be responsible for supplying materials and handling the entire construction of the 400kV ultra-high voltage cable power supply system.
Kuwait is carrying forward with various infrastructure development plans, exceeding KRW30 trillion by 2035. Significantly, average per-capita electric consumption in Kuwait is the highest in the world and is increasing at an average rate of 5%. Therefore, the company judges that there is great potential for the electric power grid market.
President & CEO Roe-hyun Myung of LS C&S said, “Large-scale infrastructure in the Middle East has been delayed due to low oil prices. This achievement is more meaningful as each country is giving preference to national companies as a policy. Especially, we are looking forward to winning additional contracts as the investment scale for transmission networks in Kuwait is forecast to reach trillions of won with new town development and infrastructure expansion.”
LS C&S has successfully completed large-scale ultra-high voltage cable projects in the Middle East since the early 2000s focusing on Kuwait, Saudi Arabia, Qatar, and Bahrain, and remains the leader of the ultra-high voltage cable market in the region.