Hyundai E&C strengthens its construction collaboration with Japanese investment development corporations and engineering companies while accelerating overseas energy transition and new growth projects.
On the 22nd (local time), Hyundai E&C signed a memorandum of understanding (MOU) with Itochu Corporation, a comprehensive trading company in Japan, to explore business opportunities in the fields of pumped storage, data centers, ammonia, and LNG.
The MOU signing ceremony held at the headquarters of Itochu Corporation in Tokyo was attended by Han-woo Lee, CEO of Hyundai E&C, as well as Keita Ishii, president of Itochu Corporation, Hiroyuki Tsubai, vice president, and Yasuhiko Asada, president of Itochu Plantech.
This agreement was signed as a tripartite cooperation structure among Hyundai E&C, Itochu Corporation, a global investment and development business developer, and Itochu Plantech, a subsidiary specializing in engineering, procurement, and construction (EPC) projects. The companies plan to seek various collaboration opportunities in global data centers, ammonia, and LNG projects, including the construction of pumped storage plants utilizing public financial resources.
Itochu Corporation, established in 1858, is one of Japan's leading general trading companies and engages in various businesses including textiles, machinery, metals and minerals, energy and chemicals, real estate, and finance. Hyundai E&C and Itochu Corporation have maintained a close cooperative relationship by successfully executing numerous projects, including the large-scale energy plant construction in Sarulla, Indonesia.
Hyundai E&C has conducted meetings with JGC, a representative engineering company in Japan, and Toyo Engineering consecutively. They discussed ways to strengthen partnerships centered around renewable energy and high value-added businesses.
JGC possesses expertise in the design and construction of plants related to LNG, natural gas, and petrochemicals, and is also collaborating with Hyundai E&C on the expansion project of the Basra refinery in Iraq. Toyo Engineering also has expertise in overall plant construction, including urea basic design and the design, procurement, construction, and commissioning of industrial facilities.
A representative of Hyundai E&C noted, "This year marks the 60th anniversary of diplomatic relations between Korea and Japan, and we will strengthen exchanges between representative corporations of both countries for mutual benefits and sustainable development," adding, "We will lead future new growth business sectors by combining the business capabilities and technological strengths of each company."