[THE INVESTOR] POSCO Daewoo announced on Aug. 4 that it has signed a memorandum of agreement with Indonesia’s largest shipyard PT PAL to supply materials for shipbuilding worth US$150 million.

The Korean trading company will provide materials, including vessel engines, to the state-owned shipyard which will build 10 patrol ships and one combat support ship for delivery to the Indonesian Navy and ministries. 


“We have been recognized for our capabilities demonstrated by previous projects such as technology transfer for building landing ship docks for the Indonesian Navy from 2006 to 2010,” said Kim Young-sang, president and CEO of POSCO Daewoo.

“We will expand our business into marine platforms, fishing vessels and ferries.”

“As the Indonesian government will reshuffle our six state-owned shipyards centered around PT PAL, we expect to collaborate more with POSCO Daewoo,” said Muhammad Firmansyah Arifin, president of PT PAL.

By Hwang You-mee (glamazon@heraldcorp.com)