Daewoo aims to become leading global construction company

An aerial photo of Daewoo Engineering & Construction's Indonesia Tangguh LNG Train 3 plant currently under construction. / Courtesy of Daewoo Engineering & Construction

By Kim Hyun-bin

Daewoo Engineering & Construction is establishing a name for itself in the global construction market showing rapid growth in recent years. Recently, the company has procured large-scale construction deals including an LNG liquefaction plant project in Nigeria.

On May 13, the construction firm signed a deal to build LNG Train7, making it the first local construction company to be an original contractor to build an LNG liquefaction plant.

The project value is estimated at 5.18 trillion won in which Daewoo will take have a 40 percent or 2.669 trillion won, share in overseeing the main aspects of the project including devising a blueprint, construction, purchase and test runs of the plant.

The builder has been making significant strides in the global LNG liquefaction plant construction market. Last April, the company signed a deal with Indonesia to build a plant in the Tanggu region there, and is in the works to secure a deal with Mozambique to construct LNG Area1, while their efforts have been highly evaluated in the global arena.

The company has been striving in the civil engineering sector as well currently handling four overseas projects in Iraq, India, and Singapore. Starting this year it plans to secure additional deals both overseas as well as in the local construction market.

“We have established a foundation for continuous growth through new visions and successful key strategies, through which we will continue to make progress,” a Daewoo official said. “Through positive results we will recover from the uncertainties from the COVID-19 pandemic along with our clients to become the leading construction firm in the country.”