Kolon Water & Energy said Tuesday it will establish a joint venture with Norway’s Aker Solutions to enter the oil and gas solution business to diversify its portfolio in the energy sector.

The energy unit of Kolon Industries Inc., which offers water and energy solution as well as sewage and waste processing services, said it will invest in half of the stake of the joint venture with the Norwegian company that has recognized technology in offshore plants.

“Kolon Water & Energy aims to become the total solution company by strengthening capacity in the onshore and offshore plant by establishing the joint venture with Aker Solutions,” CEO Lee Su-young told reporters in a briefing. “The company will expand its global footing by raising competitiveness in the environment and energy sector.” (Yonhap)