 Hyundai Heavy's New Energy & Resource Development CompanyApril 5, 2011 - Hyundai Heavy Industries, the world's biggest shipbuilder, today announced the establishment of a new energy and resource development company, Hyundai Energy & Resources.
Hyundai Heavy and its affiliated companies including Hyundai Corp., Hyundai Mipo Dockyard, and Hyundai Oilbank, are among the shareholders of the new company. With KRW 50 billion (USD 45.9 million) of paid-in capital, the resource company plans to increase its capital in accordance with its investment plan.
Mr. Yang Bong-jin, a senior executive vice president of Hyundai Corp., was appointed president and CEO of Hyundai Energy & Resources. The new company was named after the Hyundai Energy & Resources Company set up by Hyundai Heavy's founder Chung Ju-yung for a Siberian forest development in 1990.
Hyundai Energy & Resources will be entrusted with the resource development projects previously operated by Hyundai Heavy and Hyundai Corp. The new company will also be exclusively responsible for new investments in energy, agricultural, and mining businesses for Hyundai Heavy Industries group.
In collaboration with its affiliated trading company, Hyundai Corp., Hyundai Heavy is now operating 11 resource development projects, including mining, energy and agriculture, in eight countries, and previously made investments totaling USD 520 million in a nickel mining project in Madagascar, an LNG project in Yemen, and a farm development in Russia.
2011-04-05
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Please see Hyundai Heavy Industries Co., Ltd. (HHI) company electronic office Contacts for Media
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Hyundai Heavy Industries Co., Ltd. (HHI) is the world's largest shipbuilding company, headquartered in Ulsan, South Korea. It has seven business divisions: Shipbuilding, Offshore & Engineering, Industrial Plant & Engineering, Engine & Machinery, Electro & Electric Systems, Construction Equipment, and Green Energy.  | Company press releases |
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