Hyundai Engineering wins $250 Million Rayong IRPC refinery diesel Euro 5 project in Rayong, Thailand

Construction News
Hyundai Engineering Fuel Refinery / Courtesy of Hyundai Engineering

Hyundai Engineering wins $250 Million Rayong IRPC refinery diesel Euro 5 project in Rayong, Thailand

On August 26, Hyundai Engineering, South Korea’s engineering and construction company, announced that it had signed an EPC contract with the client Integrated Refinery & Petrochemicals Complex (IRPC) for the “Thailand Rayong Oil Refinery Diesel Euro 5 Project” worth KRW 300 billion (US$250 Million).

IRPC is a leading company operating a petroleum and petrochemical complex in Thailand.

The signing ceremony held online in Bangkok and Seoul was attended by Kim Chang-hak, president of Hyundai Engineering and Chawalit Tippawanich, president of IRPC.

“Thailand Rayong Oil Refinery Diesel Euro 5 Project” takes place within the IRPC Refinery Industrial Complex located in Rayong, about 170km southeast of Bangkok, Thailand.

In accordance with the policy of the Ministry of Energy Industry of Thailand, which confirmed the enforcement of EURO 5 emission regulations in 2024, this project will build facilities that lower the sulfur content of diesel produced to Euro 5 levels, and upgrade related production facilities.

According to the EURO environmental regulations, diesel fuel is classified into Euro 1 to Euro 6 according to the ratio of various pollutants such as carbon monoxide and nitrogen oxides in accordance with the emission standards set by the European Union (EU).

In line with the trend of tightening environmental regulations around the world, the Thai government also plans to raise the diesel grade to Euro 5 by 2024.

Hyundai Engineering’s strategy is to gain an advantageous position in winning orders for additional projects expected in the future by successfully carrying out this project.

Meanwhile, Hyundai Engineering has successfully carried out various projects since 2018, building trust with large petrochemical companies in Thailand such as Siam Cement Group (SCG), PTT Group, and Thai Oil Group.

“As orders are being received in new markets such as Southeast Asia and Europe, our strategy to enter new markets and diversify construction types is bearing fruit,” an official from Hyundai Engineering said. “We will continue to increase the number of related orders in the future.”