Latest news with #DaewooEngineering&Construction
Korea Herald
7 days ago
- Business
- Korea Herald
Daewoo E&C steps up global push with major wins in Czech Republic, Turkmenistan
Daewoo Engineering & Construction said Monday it is intensifying global expansion efforts to revive its legacy as a pioneer in 'global construction,' with Chairman Jung Won-ju engaging with key business partners worldwide. One of the most notable developments is the Czech Republic's new nuclear power plant project. Earlier in June, a Korean consortium including Daewoo E&C clinched a landmark $18 billion contract with the Czech state utility to build new nuclear reactors in the country. Under the deal, Korea Hydro & Nuclear Power will construct two 1,000-megawatt APR-1000 reactors — Dukovany Units 5 and 6 — with completion targeted for 2036 and 2037, respectively. Daewoo E&C will lead the structural construction, securing a multitrillion-won contract later this year. In Central Asia, the Korean builder secured a contract in May to construct a mineral fertilizer plant in Turkmenistan, valued at nearly 1 trillion won ($723 million), marking its first entry into the region. This achievement follows Chairman Jung's annual visits to the country, as he recognized Turkmenistan's growth potential in sectors such as petrochemicals, fertilizers, infrastructure and new city development. Daewoo E&C plans to further strengthen cooperation by proposing a range of eco-friendly business solutions tailored to the country's needs. Since Jungheung Group acquired Daewoo E&C in 2022, Jung has emphasized overseas expansion as a strategic response to domestic market uncertainties. His direct involvement in project development has been cited as a factor in securing initiatives like Vietnam's Kien Giang New City project and the Turkmenistan fertilizer plant. Continuing his diplomatic business campaign, Chairman Jung visited Indonesia in May and met with President Prabowo Subianto to discuss potential expansion in real estate development, infrastructure and petrochemical projects. Shortly after, on June 18, he traveled to Mozambique and held talks with President Daniel Chapo to explore collaboration and expansion opportunities. This visit aligns with Daewoo E&C's broader strategy to grow its presence in Africa, particularly through LNG plant construction, leveraging its project experience in countries like Nigeria and Botswana. Domestically, Daewoo E&C is strengthening its portfolio with key public and urban redevelopment projects. It led the design review for Jinhae New Port's southern breakwater and was selected for the Umyeonsan expressway relocation. In high-end residential redevelopment, it secured the Gangnam Wonhyosung Villa project, reaffirming its expertise from previous projects like Hannam The Hill. The company is also pursuing the Gaepo Woosung 7th Reconstruction Project, emphasizing resident-focused designs over profit. 'The spirit of challenge and passion that led us to pioneer the global construction market under the banner of 'Global Construction' is deeply ingrained in all our employees,' a Daewoo E&C representative stated. 'We will do our utmost to establish ourselves as Korea's leading construction company by expanding overseas markets and diversifying our domestic business portfolio for the next 100 years.'
Korea Herald
19-06-2025
- 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
19-06-2025
- 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.'
