SEOUL -(Dow Jones)- Hyundai Heavy Industries Co. (009540.SE), the world's largest shipbuilder by orders, said Friday it has no plan to build a shipyard in Nigeria, flatly denying reports of a $7 billion development in the African country.

"We have not considered building a shipyard outside the country and don't have such a plan in the future," a Seoul-based company spokesman told Dow Jones Newswires by telephone.

In Nigeria, Hyundai Heavy signed a memorandum of understanding with the government to construct a gas-plant equipment factory in June. Site work began in mid-September, the spokesman said.

The investment size is yet to be determined, he said.

Hyundai Heavy has two domestic shipyards in Ulsan and Gunsan.


http://www.foxbusiness.com/industries/2011/09/15/hyundai-heavy-no-plan-to-build-shipyard-in-nigeria/




i hope this is not another ghost project oo, it sounds too good. but i sincerely hope they come through with this wonderful developement.