Ulsan City and HD Hyundai Heavy Industries Sign 100 Billion Won Investment Agreement to Establish Gas Carrier Production Base and Steel Outfitting Center

Scheduled to Be Built in the Ewha General Industrial Complex

Ulsan City has signed an investment agreement (MOU) worth a total of 100 billion won with HD Hyundai Heavy Industries, officially launching efforts to establish production support infrastructure to respond to the global LNG carrier market.

On the morning of November 6 at 11 a.m., Ulsan City and HD Hyundai Heavy Industries will sign an "Investment Agreement (MOU) for the Construction of a Dedicated Gas Carrier Production Support Base and Steel Outfitting Processing Center" in the mayor’s office on the 7th floor of the main city hall building.

The signing ceremony will be attended by Ulsan Mayor Kim Dukyum and HD Hyundai Heavy Industries CEO Keum Seokho, among others.

This project is a strategic initiative to consolidate and cluster related production facilities, which are currently scattered outside the Ulsan area, within the Ulsan region. A total of 100 billion won will be invested to establish a production support base and a steel outfitting processing center on the I-2BL (29,856 square meters) and I-3BL (57,364 square meters) sites in the Jung San-dong Free Economic Zone (Ewha General Industrial Complex) in Buk-gu.

HD Hyundai Heavy Industries is undertaking this investment to proactively respond to the rising global demand for LNG carriers and to strengthen the high value-added competitiveness of the shipbuilding industry.

Previously, in order to transfer the status of development agent from the former Ewha Industrial Complex development agency, HD Korea Shipbuilding & Offshore Engineering, the company completed key administrative procedures, including signing a tenancy agreement in April and amending the development agency agreement in May.

Under the agreement, HD Hyundai Heavy Industries has pledged to prioritize the hiring of Ulsan citizens when recruiting personnel, thereby committing to the creation of local jobs and revitalization of the regional economy.

Ulsan City and the management agency, Ulsan Free Economic Zone Authority, completed administrative procedures related to the completion of the industrial complex in October and plan to actively support permits and approvals to enable the swift commencement of factory construction.

This investment is expected to enable Ulsan to simultaneously secure sustainability and innovation across its industries by: ▲ taking the lead in the future energy transportation market, ▲ advancing its manufacturing base, and ▲ strengthening the shipbuilding industry value chain.

Ulsan Mayor Kim Dukyum stated, "This investment by HD Hyundai Heavy Industries will serve as a catalyst for Ulsan’s shipbuilding industry to reach new heights. We expect it will significantly strengthen the competitiveness of the shipbuilding sector, create quality jobs, and greatly contribute to revitalizing the local economy. Ulsan City will continue to actively improve the investment environment through customized support systems for businesses."