![[Photo News] Daewoo's LNG venture in Mozambique](/_next/image?url=https%3A%2F%2Fwimg.heraldcorp.com%2Fnews%2Fcms%2F2025%2F06%2F19%2Fnews-p.v1.20250619.68928eef177440dd855834cf83ecd6a0_T1.jpg&w=3840&q=100)
[Photo News] Daewoo's LNG venture in Mozambique
Daewoo Engineering & Construction Chair Jung Won-ju (left) shakes hands with Mozambican President Daniel Chapo on Wednesday during a four-day visit to the country. Jung called for continued cooperation on Daewoo's ongoing LNG plant project and sought government backing for an upcoming bid on an additional LNG project. President Chapo pledged active support, encouraging Daewoo to broaden its involvement to include urban development and tourism infrastructure. On Monday, Daewoo signed a memorandum of understanding with Mozambique's state-run energy company to collaborate on gas development and related projects. (Daewoo E&C)

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Korea Herald
2 days ago
- Korea Herald
Daewoo E&C chair meets with Mozambican leader amid LNG push
South Korean builder Daewoo Engineering & Construction said Thursday that Chair Jung Won-ju met with Mozambican President Daniel Chapo to discuss cooperation on a liquefied natural gas plant project and potential opportunities in emerging sectors. According to the company, during Jung's four-day visit to Mozambique from Monday to Thursday, his meeting at the presidential palace included a request for continued cooperation on Daewoo's ongoing LNG plant project, as well as interest and support for a new LNG project bid currently in progress. Drawing on the company's expertise built since entering the continent in 1977, Jung emphasized that Daewoo E&C has executed around 280 projects in Africa, totaling $32 billion in value. 'Building on that experience, we aim to help Mozambique emerge as a global exporter of natural gas and achieve rapid economic growth,' Jung said. In response, President Chapo pledged active support for the company's future involvement. 'I hope Daewoo will also leverage its development expertise in new city and tourism infrastructure projects beyond the LNG sector,' he said. Mozambique plays a crucial role in Daewoo E&C's LNG development strategy. It is home to one of Africa's largest natural gas reserves, estimated to supply global demand for roughly 16 years. On Monday, the company signed a memorandum of understanding with Empresa Nacional de Hidrocarbonetos, the state-run energy firm, to collaborate on gas-related development projects.


Korea Herald
2 days ago
- Korea Herald
Tencent says 'no deal' to Nexon, Kakao Mobility stake rumors
In rare public denial, Chinese tech giant refutes reports of new Korean deals after years of increasing stakes in local firms Chinese tech giant Tencent denied reports Thursday that it was considering acquiring stakes in Korean firms Nexon and Kakao Mobility, dismissing speculation surrounding its potential investment moves. According to Reuters, Tencent said claims about its interest in purchasing shares in Korean game giant Nexon and Kakao's mobility unit were 'untrue,' following media reports that suggested the company was seeking to expand its footprint in Korea's IT and mobility sectors. The rebuttal comes after a local news outlet reported that Tencent was in talks to acquire around 40 percent of Kakao Mobility's shares held by financial investors, including private equity firm TPG (29 percent), Carlyle Group (6.17 percent), LG (2.46 percent) and Google (1.52 percent). Kakao is the largest shareholder with a 57.2 percent stake. Industry sources said TPG and other financial investors have been engaged in discussions with potential buyers such as the VIG consortium, which includes Mubadala and Goldman Sachs, regarding the sale of their shares. The report that Tencent had also expressed interest in Kakao Mobility added fuel to speculation over multiple suitors. Separately, Bloomberg reported last week that Tencent was considering acquiring Nexon shares worth $15 billion from its holding company NXC and had been in contact with the family of the late Nexon founder Kim Jung-ju. The report suggested Tencent aimed to strengthen its presence in the global gaming market. Neither Kakao Mobility nor NXC have issued official statements in response to the reports. TPG is reportedly exploring options with various investors regarding the sale of its Kakao Mobility stake, but sources said the talks remain at a preliminary stage and do not involve any intent to secure management control. Tencent previously showed interest in acquiring Nexon during a 2019 bidding process but did not participate in the main auction. Some sources suggest that Tencent may continue its efforts to pursue an acquisition of the Korean firms. Tencent has a history of investing in Kakao and its affiliates. Since making its initial investment in Kakao in 2012, the Chinese tech giant has acquired stakes in Kakao Games and Kakao Entertainment. It currently holds a 5.95 percent stake in Kakao. Meanwhile, Tencent's music streaming arm, Tencent Music Entertainment Group, recently acquired a 9.38 percent stake in SM Entertainment from Hybe through a block deal valued at 240 billion won ($174 million). It makes Tencent the second-largest shareholder of SM, following Kakao and Kakao Entertainment's combined 41.5 percent stake. yeeun@
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Korea Herald
3 days ago
- Korea Herald
[Photo News] Daewoo's LNG venture in Mozambique
Daewoo Engineering & Construction Chair Jung Won-ju (left) shakes hands with Mozambican President Daniel Chapo on Wednesday during a four-day visit to the country. Jung called for continued cooperation on Daewoo's ongoing LNG plant project and sought government backing for an upcoming bid on an additional LNG project. President Chapo pledged active support, encouraging Daewoo to broaden its involvement to include urban development and tourism infrastructure. On Monday, Daewoo signed a memorandum of understanding with Mozambique's state-run energy company to collaborate on gas development and related projects. (Daewoo E&C)