Latest news with #DaewooEngineering&Construction
Korea Herald
2 days ago
- Business
- 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.
![[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)
Korea Herald
2 days ago
- Business
- 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)
Korea Herald
26-05-2025
- Business
- Korea Herald
Daewoo E&C inks W1tr fertilizer plant deal in Turkmenistan
South Korean builder Daewoo Engineering & Construction on Monday announced plans for its first foray into Central Asia, having secured a 1.08 trillion won ($790 million) contract with Turkmenhimiya, Turkmenistan's state-owned chemical company, for the construction of a mineral fertilizer plant. The project, located in the country's second-largest city, Turkmenabat, involves the construction of facilities with a total annual production capacity of 350,000 tons of phosphate fertilizers and 100,000 tons of ammonium sulfate. According to the company, construction is expected to be completed within 37 months from the start date. Daewoo E&C was selected as the winning bidder for the mineral fertilizer plant project last October, and the final contract builds upon a framework agreement signed in Seoul this April. 'This project marks our inaugural venture in Turkmenistan,' said Daewoo E&C CEO Kim Bo-hyun during the signing ceremony held Saturday at the Chamber of Commerce and Industry of Turkmenistan in Ashgabat. 'With our company's comprehensive expertise and resources, we are committed to delivering a world-class fertilizer plant of the highest caliber.' This landmark deal is poised to amplify Daewoo E&C's presence in Turkmenistan, an emerging market rich in natural resources and growth potential. The company has outlined long-term plans to pursue additional contracts in Turkmenistan's petrochemical and fertilizer sectors, while exploring new opportunities in infrastructure, new city development and the green energy sector. 'Drawing on our successful delivery of large-scale fertilizer plants in Nigeria, Algeria and Morocco, we are confident in showcasing our technological prowess in Turkmenistan,' a Daewoo E&C official said. 'This year, we also aim to bolster our position as a global construction leader by securing additional contracts in Iraq, Nigeria and Libya.' In a move to fortify its global operations, Daewoo E&C has been actively pursuing international deals under the leadership of Chair Jung Won-ju. The company, aiming to increase the share of overseas orders to 31 percent, has set its target for new international contracts this year at 4.4 trillion won -- seven times last year's total of 611.8 billion won. Yet, while Daewoo E&C is making strides abroad with projects like the Kien Giang New City development in Vietnam and an LNG project in Mozambique, its prospects of joining a landmark $18 billion nuclear power plant project in the Czech Republic hang in the balance. The project, led by Korea Hydro & Nuclear Power and including Daewoo E&C as part of the consortium, faces renewed headwinds after French energy company EDF filed a legal challenge in early May.
Korea Herald
23-05-2025
- Business
- Korea Herald
Daewoo E&C chair explores Indonesia growth in talks with President Prabowo
South Korean builder Daewoo Engineering & Construction said Friday that Chair Jung Won-ju met with Indonesian President Prabowo Subianto Djojohadikusumo at the presidential palace in Jakarta on Wednesday to discuss potential collaborations on new business ventures in the country. 'Since entering the Indonesian market in 1986, Daewoo E&C has maintained a long-standing partnership through various projects," Jung said at the meeting. "It has been a great honor to contribute to Indonesia's growth." The chairperson also expressed the company's strong interest in broadening its presence across a range of sectors, including real estate development, infrastructure, power generation, renewable energy and petrochemical plants. In a notable gesture, Prabowo arranged impromptu introductions between Daewoo E&C and several high-ranking Indonesian officials. These included his brother and special envoy for energy and environment Hashim Djojohadikusumo, Minister of Public Housing and Resettlement Maruarar Sirait and Rosan Roeslani, minister of investment and CEO of Danantara Indonesia, the nation's sovereign wealth fund. 'We highly value Daewoo E&C's expertise in real estate and infrastructure development," Prabowo said. 'We look forward to working together on projects that can make meaningful contributions to Indonesia's economic development." Over the past four decades, Daewoo E&C has been involved in seven major projects in Indonesia, securing contracts worth some $700 million. The company has also established a local office and is actively diversifying and localizing its operations in the real estate and infrastructure sectors. 'The chairman's visit provided an opportunity to showcase our capabilities and vision while expanding our network,' a Daewoo E&C official said. 'We aim to strengthen our presence in the Indonesian market through strategic, mutually beneficial partnerships with local developers and construction firms.'
Korea Herald
19-05-2025
- Business
- Korea Herald
Daewoo E&C posts strong Q1 on strong internal management
Daewoo Engineering & Construction outperformed market expectations in the first quarter of 2025, signaling the early success of its internal management strategy under new leadership. From January to March, Daewoo E&C logged 2.77 trillion won ($2.05 billion) in revenue and 151.3 billion won in operating profit. While revenue slightly declined, profitability improved through cost optimization efforts and a strategic focus on high-margin housing and plant construction projects, the company said. The company's strong performance has been widely attributed to CEO Kim Bo-hyun, who took office in December. Kim has emphasized risk management, profitability and communication as core principles. 'Daewoo E&C's resilient DNA, combined with Kim's communication-driven leadership, is strengthening employee morale and our ability to overcome current industry challenges,' a company official said. 'We aim to achieve 8.4 trillion won in revenue this year and continue our focus on sustainable, profitable growth.' Since taking the helm, Kim has initiated quarterly field visits, CEO listening tours and expanded internal communication channels such as Daewoo E&C TV and the company's intranet, 'Open Room 2.0.' In the first quarter, new orders also reached 2.82 trillion won, up 13.4 percent from a year earlier, the company said. Notable domestic projects include the construction of the underground Dongbu Expressway and the planned groundbreaking of the GTX-B line by the end of June. The company is targeting high-profile urban redevelopment projects in Seoul districts, such as Gangnam and Yeouido. The construction giant is also pushing for overseas expansion to hedge against domestic market challenges. In April, Daewoo E&C signed a framework agreement for a fertilizer plant project in Turkmenistan and is now progressing with the Kien Giang New City development in Vietnam. A previously stalled LNG project in Mozambique is back on track, and further contracts are in discussion with Nigeria and Iraq, Daewoo E&C said.
