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Daewoo Engineering signs MOU for infrastructure projects in Laos

All News 12:01 June 16, 2017

SEOUL, June 16 (Yonhap) -- Daewoo Engineering & Construction Co. inked an initial agreement with a Laotian partner to win infrastructure projects in the Southeast Asian country, the builder said Friday.

On Thursday in Vientiane, Daewoo Engineering signed a memorandum of understanding (MOU) with Petroleum Trading Lao Public Co. (PTL) to build hydroelectric power generation facilities in the Mekong River, sea ports and special economic zones, the company said in a statement.

The state-run Korea Development Bank and the Korea Trade Insurance Corp. also signed an MOU with Laos' second-biggest petroleum and trading company to provide loans and insurance guarantees, respectively, to local construction projects, a company spokeswoman said.

Laos has recently emerged as a potential electricity provider for neighboring countries in Southeast Asia as its government is moving aggressively to develop energy-related infrastructure facilities, the statement said.

Separately, Lotte Engineering & Construction signed an MOU with the PTL to secure local projects, either to independently construct office and residential buildings in Laos or to join hands with Daewoo Engineering in the infrastructure projects, the spokeswoman said.

In this photo taken on June 15, 2017, and provided by Daewoo Engineering & Construction, PTL CEO Chanthone Sitthixay (2nd from L) and Han Yong-soo, who is in charge of overseas sales operations at Lotte Engineering & Construction, shake hands after signing an MOU to jointly win construction projects in Laos. (Yonhap)

kyongae.choi@yna.co.kr
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