Daewoo E&C bolsters Japan ties for global energy push

Daewoo Engineering & Construction said Friday it has signed an agreement with Japan’s Toyo Engineering to co-develop new plant projects as the Korean builder continues to strengthen global businesses.

According to Daewoo E&C, it signed a memorandum of understanding with Toyo Engineering to push for collaboration in sectors such as fertilizer plants, methanol and clean fuel.

“Toyo Engineering is our key partner as we have cooperated through Nigeria’s Indorama Fertilizer project over the past 10 years,” said Daewoo E&C CEO Kim Bo-hyun. “Based on this MOU, we expect to create new business opportunities moving forward.”

Daewoo E&C executives, who visited Japan this week, met with Chiyoda and JGC to discuss expanding their global energy projects. The companies have joined forces to work on several liquefied natural gas and refinery projects across the world.

The Korean builder said it plans to expand cooperation beyond LNG into broader plant sectors such as ammonia, fertilizers and petrochemicals while pursuing new opportunities in global markets with the Japanese partners. Daewoo E&C added that it is also eyeing post-conflict reconstruction projects in the Middle East and discussed potential joint entry strategies with the Japanese companies.

“We will strengthen our capabilities in the global energy market through the cooperation with the partners that we have built trust through many projects,” said Kim.

Daewoo E&C also discussed partnership with Mori Building in city development projects and held talks with Itochu Corporation on renewable energy cooperation and jointly identifying projects in promising markets using export credit agency financing.

“Daewoo E&C has completed 481 overseas projects across 50 countries since its founding, accumulating $71 billion in total contract value,” said a Daewoo E&C official. “Through this latest collaboration, we aim to further solidify our global presence and lay a stronger foundation for future growth.”