South Korea’s Hyundai Engineering & Construction and Japan’s trader Itochu have signed a memorandum of understanding to collaborate in several areas, including LNG.
On April 22, Hyundai E&C signed the MoU with Itochu to strengthen business ties and explore business opportunities, the firm said in a statement.
The agreement represents a tripartite collaboration between Hyundai E&C, Itochu, and Itochu Plantech, a subsidiary of the Japanese firm specializing in the plant EPC business.
“Through this agreement, the companies will explore various opportunities for cooperation in key business areas such as global data centers, ammonia and LNG projects, including the construction of pumped-storage hydropower (PSH) plants financed by public financial resources,” Hyundai E&C said.
In addition to the Itochu deal, Hyundai E&C also held a series of meetings with leading Japanese engineering firms JGC and Toyo Engineering to “discuss ways to strengthen partnerships centered on renewable energy and high value-added businesses. “
Hyundai E&C said that, JGC, recognized as Japan’s No. 1 global engineering company specializing in the design and construction of LNG, natural gas, and petrochemical plants, is collaborating with Hyundai E&C on the Basrah refinery upgrading project in Iraq.
The company added that Toyo Engineering also has a long-standing relationship with Hyundai E&C.