Sunday saw South Korea announcing that it is moving ahead to acquire its target of winning 40 billion of overseas construction orders this year. The company, which is hopeful that there would rebound in commodity and oil prices, is set to revive plant-building projects.

The orders for oil refineries and infrastructure facilities would also increase with Government stimulus spending in Malaysia, Indonesia, Singapore and India. 

Via a statement, the ministry of land, transport and maritime affairs said: "Building material prices such as cement and steel are highly likely to rebound. Plant project orders are expected to go up at a fast pace." It added that oil producers in North Africa have been expanding upstream investments.

South Korea raked in $13.1 billion from foreign construction orders, in the first half of this year, amidst the global economic crisis. The figures indicate that this was only half the amount of orders it received in the same period of 2008. 

It should be noted though that the second-half volume of foreign orders to be received is tipped to reach more than $30 billion. This will carry the total to more than $40 billion for the whole of this year.

Gas projects in the United Arab Emirates awarded last week, to Hyundai Engineering & Construction Co Ltd, GS Construction, Hyundai Heavy Industries Co Ltd and other companies, are included in the Tally. 

The ministry stated: "SK Engineering & Construction also secured a $7 billion order for a refinery project in Malaysia this month."