Hyundai Corp to build electrical equipment plant in Vladivostok

SEOUL, June 16 (Itar-Tass) - One of the leading South Korean
corporations, Hyundai Heavy Industries, begins the construction of a plant
to produce electrical equipment. The HHI Corp. will manufacture switch
gears and control gears with sulfur hexafluoride insulation, the Russian
partners told Itar-Tass on Thursday.
Korean specialists have already selected a 10-ha land area for
building the plant in the city of Artyom near the Vladivostok airport, and
got down to design and survey work.
Earlier, the governor of the Primorie Territory, Sergei Darkin,
chairman of the board of the federal network company of the Unified Energy
System, Oleg Budargin and head of Hyundai Heavy Industries Corp, Min
Keh-sik, signed an agreement. It was inked during Russian President Dmitry
Medvedev's visit to South Korea in November 2010.
The project will be financed by the HHI Corp. The volume of
investments at the initial phase of construction will total 50 million
dollars. More than 250 jobs will be created at the plant, scheduled to go
operational in September 2012.