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S.Korea GS E&C up on market talk of likely UAE deal

Tue Oct 27, 2009 1:44am EDT

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SEOUL, Oct 27 (Reuters) - Shares in South Korean builder GS Engineering & Construction (006360.KS) rose more than 3 percent Tuesday afternoon on market talk that it was the best-positioned bidder for an order worth $3 billion in the United Arab Emirates.

South Korea  |  Energy

At 0538 GMT, GS shares were up 3.3 percent, compared with the wider market's 0.5 percent loss. Officials at GS could not immediately comment on the rumours, which were repeated in an analyst report obtained by Reuters.

The order is part of UAE petrochemicals firm Borouge's planned three-phase expansion at its Ruwais plant worth $10 billion. [ID:nLD642301] (Reporting by Rhee So-eui and Cho Meeyoung; Editing by Jonathan Hopfner)

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