On June 15, Daewoo E&C signed a Memorandum of Understanding (MOU) on the development of with Lotte Engineering & Construction, the KDB, and Korea Trade & Insurance Corporation with Petroleum Trading Lao Public Company (PTL) at Laos Vientiane Plaza Hotel.
Daewoo E&C and PTL, an international oil trading company in Laos, will pursue projects such as the Mekong River Hydro Power Project, the Deep Sea Port Project, and the SEZ Projects in the future through the strategic partnership.
Daewoo E&C entered Lao PDR in 1994 and carried out the Howeiho Hydropower Project, the first IPP project by a Korea company. Daewoo E&C aimed at strengthening its capabilities as a global infrastructure and energy developer has been making efforts to expand its business bases markets in which the company made a foray into in the past such as Laos.
"This partnership is expected to gain momentum through smooth financial support and close cooperation with local governments, as large Korean construction companies, the KDB and a large oil company in Laos were involved in the project,” said a representative of Daewoo E&C. “This project will lead to the expansion of IPP and infrastructure projects in Laos."