Hyundai Engineering announced on July 9 that it has signed a tripartite Memorandum of Understanding (MOU) with Woodside Energy, an Australian energy company, and Hyundai Glovis to collaboratively develop LNG liquefaction projects.
This agreement aims for the three companies to share core competencies in the LNG sector and to jointly expand their business presence in global markets.
Hyundai Engineering contributes its extensive EPC (Engineering, Procurement, Construction) capabilities and global execution experience; Woodside Energy brings its reputable LNG development expertise; and Hyundai Glovis offers strengths in international shipping and logistics infrastructure. Through this collaboration, the companies are expected to respond more effectively to the surging LNG demand in emerging markets across Asia-Pacific and beyond.
Son Myeong-geon, head of Hyundai Engineering’s Plant Business Division, stated, “It is highly meaningful to partner with a leading global LNG company like Woodside. We will leverage Hyundai Engineering’s technology and experience to provide comprehensive total engineering solutions for the entire LNG project lifecycle.”
Mark Abbot-Siford, President of Woodside Energy, emphasized the significance of the partnership, stating, “Through collaboration with a reliable Korean partner, we aim to deliver high-quality solutions to meet the increasing global LNG demand.”
Kim Tae-woo, head of Hyundai Glovis’s Logistics Business Division, also expressed enthusiasm, saying, “Through this strategic partnership with Woodside, we look forward to establishing a stable LNG maritime logistics system and will actively leverage our shipping expertise to promote collaboration.”
Building on this MOU, Hyundai Engineering plans to accelerate its entry into the global LNG liquefaction plant market, strengthening its project capabilities and pursuing strategic diversification in the energy sector.
The company also aims to expand into low-carbon energy projects, including renewable aviation fuel and biodiesel, as well as solar and wind power generation, aspiring to become a sustainable energy solutions provider.
