Woodside Energy has signed a non-binding memorandum of understanding (MoU) with Hyundai Engineering and Hyundai Glovis, establishing a strategic framework to collaborate on liquefied natural gas (LNG) project development, engineering services and shipping logistics.
The MoU will see the parties focus on advancing execution capability and extending their reach into priority LNG markets.
The combination of Woodside’s success in LNG development, Hyundai Engineering’s extensive engineering, procurement and construction experience, and Hyundai Glovis’s global shipping reach positions the parties to respond to growing LNG demand across Asia-Pacific markets and selected new regions.
“Woodside is pleased to be deepening our longstanding relationship with Hyundai through this agreement. We are confident the synergies and complementary strengths of our organizations will support the delivery of high-quality LNG solutions to meet growing global demand,” said Mark Abbotsford, Woodside Executive Vice President and Chief Commercial Officer.
“This agreement allows Hyundai Engineering to broaden our global LNG experience by working alongside a world-class LNG developer. We are confident in our ability to add value across the full engineering spectrum and deliver integrated solutions for Woodside projects,” added Myoung-Kun Son, Hyundai Engineering Chief Operating Officer.