SEOUL, KOREA – Daewoo E&C has set out to target the Central and South American market through the building of petrochemical, power plants in Venezuela. By drifting away from its preexisting markets towards new territories, Daewoo E&C aims to rake in 50% of its sales from overseas this year.
On Sunday, Daewoo E&C said, it will set up its first Central and South American branch in Colombia this year and will soon finalize the setup of a corporation for the construction of oil export facilities in Venezuela.
In April of last year, Daewoo E&C forged a USD 10 billion MoU on the construction of oil export facilities with PDVSA, Venezuela's state-owned oil company. The USD 10 billion project in Venezuela is expected to serve as an opportunity to expand Daewoo E&C’s business scope from the Middle East and Africa to Central and South America.
Daewoo E&C last year notched up overseas contracts worth about KRW 6.4 trillion, 76% of which came from North Africa.
Sean Chung (hbpark@etnews.com)
**Article provided by etnews [Korea IT News]
[Reference] : http://english.etnews.com/electronics/2715655_1303.html
