Hyundai Engineering announced on July 9 that it has signed a memorandum of understanding with Woodside Energy of Australia and Hyundai Glovis to jointly develop a liquefied natural gas (LNG) liquefaction business.
The three companies have agreed to focus on strengthening their LNG business capabilities and expanding their business scope in the global LNG market. Hyundai Engineering expects that, by leveraging its own engineering, procurement, and construction (EPC) expertise, Woodside's experience in LNG business development, and Hyundai Glovis's global shipping capabilities, the companies will be able to secure a strong position to meet the growing demand for LNG in the Asia-Pacific region and new markets.
Son Myunggeon, Head of Plant Business Division at Hyundai Engineering, said, "We will utilize our capabilities to provide comprehensive engineering solutions for the LNG business being pursued by Woodside." Mark Abbotsford, Executive Vice President of Woodside Energy, stated, "By collaborating with competent and experienced partners, we will be able to provide high-quality LNG solutions to meet increasing global demand."
Hyundai Engineering plans to expand its business portfolio to include not only LNG but also low-carbon and decarbonization energy plants, such as sustainable aviation fuel, biodiesel, solar power, and wind power, in response to the ongoing energy transition.
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