Chairman Lee Jai-seong of Hyundai Heavy Industries receives a gift from 

Energy and Industry Minister Mohamed Bin al Sada of Qatar during the

 Gastech 2014 Conference and Exhibition held at Kintex near Seoul on March 24-27.

Hyundai Heavy Industries Co. (HHI) has strengthened its marketing for LNG tankers and production and storage facilities.

Chairman Lee Jai-seong had a special meeting with Energy and Industry Minister Mohammed Bin Saleh al Sada of Qatar during the Gastech 2014 Conference and Exhibition held at KINTEX, Goyang City, Gyeonggi Province, near Seoul from March 24-27 to discuss Hyundai Heavy’s taking on the construction of a floating gas plant. 

Qatar is the largest exporter of LNG in the world with the third largest reserves.

The giant shipbuilder exhibited its LNG tanker models, LNG production and storage facilities (LNG-FPSO), LNG-FSRU, a floating LNG storage and regasification unit, and other diverse LNG installation models at its 180-square-meter booth at Gastech 2014, held for the first time in Korea as part of its global marketing campaign to show off its capacities to build diverse LNG storage and production facilities.

Gastech is one of the three largest global LNG meetings in the world after the World Gas Conference and the LNG Conference, held every 18 months. 

Gastech 2014 attracted 383 gas production, storage, and marketing firms including the makers of LNG facilities and installations such as HHI.

The Ulsan, South Korea-based shipbuilding giant completed Korea’s first LNG carrier in 1994 and is the only Korean shipbuilder capable of building both membrane type and moss type LNG carriers. HHI has won a total of 78 LNG carrier projects and has delivered 44 carriers to date.

HHI has taken the lead in introducing cutting-edge LNG-related ships and developing independent LNG storage systems and technology. In February, HHI held a naming ceremony for the world’s first new 170,000 cubic meter LNG floating storage regasification unit, Independence. In April 2013, the company received Design Approval from classification societies including ABS and DNV for its own membrane type LNG containment system. In January 2012, HHI completed the development of its own Hyundai FLNG (Floating Liquefied Natural Gas Plant) model in association with Linde AG, an international industrial gas and engineering company from Germany.

HHI has won a total 12 LNG and LPG carrier projects worth 2.5 trillion won, and two offshore plant projects worth 1.17 trillion won to date from Qatar to date.

HHI recently held its 40th Annual General Meeting of Shareholders at Hanmaeum Cultural Center in Ulsan.

The meeting agenda included approval of the financial statements and the ceiling for the Board of Directors’ remuneration as well as the appointment of directors and a new audit committee member.

At the meeting, HHI reported its business performance for 2013. Its revenues for the full year reached 24.28 trillion won. Its operating profit and net profit stood at 734.7 billion won and 451.6 billion won respectively with total current assets of 32.13 trillion won. HHI also announced a per-share cash dividend of 2,000 won along with its 2014 annual sales target of 26.57 trillion won and new orders target of $29.6 billion.

The Board of Directors reappointed Chairman & CEO Lee as an inside director and appointed President and COO Kim Jung-rae as a new inside director. The Board also appointed Lee Jang-yung, President of the Korea Banking Institute, and Kim Jong-seok, Dean of the College of Business Administration of Hongik University, as external directors. Lee Jang-yung was also appointed as a member of audit committee.