Daewoo Engineering & Construction has secured a 350 billion won ($261 million) fertilizer plant project in Nigeria, extending its decades-long presence in Africa's largest economy and its partnership with global petrochemical group Indorama.
The South Korean builder said Wednesday it received a letter of award from IF FZE, Indorama's Nigerian subsidiary, for the construction of a fourth fertilizer production line in Port Harcourt, Rivers State.
Under the project, Daewoo E&C will serve as the prime contractor for facilities capable of producing 2,300 tons of ammonia, 4,000 tons of urea and 4,000 tons of urea granules per day.
The latest award builds on Daewoo E&C's track record with Indorama, having completed the group's first three fertilizer production lines in Nigeria, along with supporting facilities for feedstock processing and power generation.
The company completed the third production line on May 30, ahead of key scheduled milestones. Its timely delivery and long-standing relationship with Indorama helped secure the latest project, according to Daewoo E&C.
Nigeria remains a key overseas market for the Korean builder. Since entering the country in 1983, Daewoo E&C has completed 75 projects worth a combined $10.8 billion.
Its broader African portfolio spans approximately 290 projects across 11 countries, including Libya, Mozambique, Ivory Coast, Zambia and Botswana, since its entry to the continent through Sudan in 1977.
Daewoo E&C is seeking to build on that experience to win more high-value energy and petrochemical contracts overseas.
The company has also been named a preferred bidder for an LNG project in Mozambique and a gas processing plant in Papua New Guinea, although final contracts have yet to be signed.
It plans to focus its overseas expansion on established markets, including Nigeria, Mozambique and Papua New Guinea, where it can leverage existing operations and local partnerships.
"Receiving the letter of award demonstrates recognition of our technical expertise and project management capabilities," a Daewoo E&C official said. "We will leverage our accumulated experience and local networks to pursue further opportunities in Nigeria, Africa and other global markets."
jyoungseon8@heraldcorp.com
