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Daewoo E&C and Saipem of Italy Set Up Strategic Partnership in Petrochemical Plant Business
Aiming to Lead Global LNG Business
Daewoo E&C and Saipem of Italy Set Up Strategic Partnership in Petrochemical Plant Business
  • By Michael Herh
  • November 13, 2019, 10:34
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Daewoo E&C President Kim Hyung (right) talks with Maurizio Coratella (second from right), COO of onshore E&C at Saipem.

Daewoo Engineering and Construction (E&C) announced on Nov. 12 that it has signed an agreement with Saipem, an Italian oil and gas industry contractor, to establish a strategic partnership in the global onshore oil and gas business, in particular, the LNG business.

Under the agreement, the two companies will combine the assets, experience and technology in the design, procurement, and construction sectors to secure a leading position in the global LNG business.

Daewoo E&C was selected as the preferred bidder along with Saipem for the LNG Train7 project in Nigeria in September.

“It is quite meaningful that Daewoo E&C became the main LNG EPC project operator,” said Kim Kwang-ho, head of Daewoo E&C’s Plant Division.

Maurizio Coratella, head of the E&C business at Saipem, noted that only a small number of companies with proven technology can carry out the high-value-added LNG business. "Saipem will deliver to worldwide customers what they want, based on the two companies’ differentiated capabilities and experience in the LNG market."

Daewoo E&C is a global EPC company that carries out a wide array of businesses including oil/gas, power, infrastructure, nuclear power, and buildings.

Saipem, an Italian company, is a leading company in the energy and infrastructure business. The company consists of five divisions and provides comprehensive solutions for customer satisfaction based on its differentiated cutting-edge technology, strong capabilities and rich assets. Listed on the Milan Stock Exchange, the company has offices in approximately 70 countries and employs 32,000 people in about 120 countries around the world.

Maurizio Coratella (third from left), head of the E&C business at Saipem holds the partnership agreement with Kim Kwang-ho, head of the Plant Business Division at Daewoo E&C.