Hyundai Engineering announced on the 9th that it has signed a tripartite memorandum of understanding (MOU) with Woodside Energy and Hyundai GLOVIS to develop an LNG liquefaction project.
Through this MOU, the three companies plan to strengthen their capabilities in LNG projects and focus on expanding their business scope in the global LNG market.
In particular, the three companies expect to secure a position to effectively respond to the increasing LNG demand in the Asia-Pacific region and new markets, based on Hyundai Engineering's global engineering, procurement, and construction (EPC) capabilities, Woodside's experience in LNG project development, and Hyundai GLOVIS's global shipping business capabilities.
Son Myung-geon, head of Hyundai Engineering's Plant Business Division, said, "We plan to enter the global LNG market through close collaboration with Woodside, a world-leading LNG corporation, and will provide total engineering solutions for the LNG projects pursued by Woodside by fully leveraging our capabilities."
Mark Abbotsford, executive vice president of Woodside Energy, noted, "I am happy to strengthen our relationship with reliable Korean industrial partners and believe that this MOU will enable us to provide high-quality LNG solutions to meet increasing global demand through collaboration with capable and experienced partners."
Kim Tae-woo, head of the Logistics Division at Hyundai GLOVIS, expressed his happiness in exploring maritime logistics solutions that can contribute to stable LNG supply through collaboration with Woodside, and stated, "We will leverage our global shipping business capabilities and expertise to contribute to this strategic collaboration."
Hyundai Engineering plans to use this MOU as a stepping stone to strengthen its LNG project execution capabilities and diversify related businesses by entering the global LNG liquefaction plant market.
In line with the energy transition, the company plans to continuously expand its business portfolio through the construction of 'low-carbon energy' plants such as renewable aviation fuel and biodiesel, as well as 'decarbonized energy' plants such as solar and wind power.