Latest news with #DaewooEngineering&Construction
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.
Korea Herald
18-04-2025
- Business
- Korea Herald
Daewoo E&C signs framework deal for major fertilizer plant in Turkmenistan
Daewoo Engineering & Construction has signed a framework agreement with Turkmenhimiya, Turkmenistan's state-owned chemical company, for the construction of a mineral fertilizer plant, the company said Friday. The agreement, signed at a ceremony in Seoul, represents a significant milestone toward finalizing the contract, following Daewoo's selection as the preferred bidder in October 2023. The signing event was attended by Daewoo E&C CEO Kim Bo-hyun, Turkmenhimiya Chairman Dovrangeldi Sapbayev as well as top government officials of the two countries: Korean Industry Minister Ahn Duk-geun and his Turkmen counterpart, Baymyrat Annamammedov. Kicking off their visit to Korea from Wednesday, the Turkmen delegation led by Annamammedov, visited key Daewoo E&C infrastructure sites — including the Ulsan North Port Korea Energy Terminal and Geoga Bridge — to evaluate their understanding of the company's advanced engineering capabilities in high-difficulty sectors like petrochemical plants and immersed tunnel construction. The envisioned mineral fertilizer plant will be built in Turkmenabat, Turkmenistan's second-largest city, located about 450 kilometers east of the capital, Ashgabat. The project includes the construction of facilities capable of producing 350,000 tons of phosphate fertilizer and 100,000 tons of ammonium sulfate annually, along with supporting infrastructure. Turkmenistan is regarded as a strategic hub in Central Asia with significant growth potential in petrochemicals, infrastructure and new city development. Daewoo E&C, which established a local branch in 2023, expects to finalize the contract this year and expand its regional presence through continued investment and project development. 'Turkmenistan is one of our most strategic markets in Central Asia,' a company official stated. 'Expanding our overseas business is essential to sustainable growth, and we are committed to diversifying and strengthening our presence in key global regions.'
Shafaq News
13-04-2025
- Business
- Shafaq News
Iraq nears completion of major Al-Faw Port projects
Shafaq News/ Key components of the Grand Al-Faw Port project have reached advanced stages of completion, Iraq's General Company for Ports announced on Saturday. The company's Director General Farhan Al-Fartousi told Shafaq News that construction of the port's five berths had been finalized, while 85% of the navigation channel is complete and the submerged tunnel stood at 70%. Additionally, progress on the container yard had reached 89%, and the access road connecting the port to the highway network is 99% complete. 'These projects are expected to be fully delivered within this year, as part of a comprehensive execution plan developed by the company,' Al-Fartousi revealed, noting that a fully integrated electronic project management system had been deployed, covering modern protection and monitoring technologies in cooperation with major international firms such as Daewoo Engineering & Construction and Italy's Technital. The concrete wall for the berths was completed in 2024, foundations were laid, and work began on the container yard. Construction efforts are proceeding in parallel, with a focus on delivering the final five projects simultaneously. Earlier this week, Turkish Transport and Infrastructure Minister Abdulkadir Uraloglu stated that Turkiye plans to finalize an agreement with Iraq 'very soon' to connect the Iraqi port of Al-Faw to Turkish territory. Located on the Al-Faw Peninsula in southern Basra province, the Grand Al-Faw Port is a strategic development aimed at transforming Iraq into a regional trade hub by linking it to global transport networks. The $4.6 billion project spans 54 square kilometers and is expected to handle up to 99 million tons annually, making it one of the largest ports in the Gulf and the tenth-largest globally. The planned depth of 19 meters will enable it to accommodate the world's largest commercial vessels.
