- A cooperation agreement between Group DF International and Hyundai Engineering Co. Ltd. was signed on April 11, 2024. This marks the beginning of the “Chemical Industrial Park” project in the Ukrainian city of Rivne.
- The chemical park entails the construction of several plants in the city of Rivne: a plant for the production of nitrogen fertilizers and “environmentally friendly” hydrogen and ammonia.
- A joint Ukrainian/Korean working group will start developing the “roadmap” for the largest investment project in Western Ukraine in May 2024.
[1]Group DF International, an Austrian based industrial group owned by Ukrainian entrepreneur Dimitry Firtash, has decided to build a chemical industrial park in the city of Rivne in collaboration with the Hyundai Engineering, a globally operating Korean engineering company. A cooperation agreement launching this project as a part of Ukrainian post-war reconstruction was signed in Vienna, Austria yesterday, April 11, 2024, by Group DF Founder and Chairman Dimitry Firtash and Hyundai Engineering CEO Hyeon-Sung Hong.
The extensive project includes the construction of plants for the production of ammonia, nitrogen fertilizers as well as other derivative chemical products. It also involves the establishment of Ukraine’s first hydrogen and ammonia production based on renewable energy sources.
Robert Shetler-Jones, Executive Director of Group DF International GmbH:
I am confident that the strategic document signed today is crucial for the future recovery of Ukraine. This project has the potential to change the role of Ukrainian chemistry and the Ukrainian economy on the industrial map of the EU. The company we are starting to work with has tremendous experience and expertise in the design and construction of industrial facilities. The new strategic business alliance can provide good synergy. I am confident that it will be the large Ukrainian business that will lead the post-war recovery of the country’s economy. And we already understand our role very well: in cooperation with Hyundai, we will be at the forefront of restoring Ukrainian chemistry.
Hyeon-Sung HONG, Executive Director of Hyundai Engineering Co., Ltd.:
Our countries have very similar experiences. 70 years ago, due to the war, our economy was destroyed, and we rebuilt it. From our experience, we know that it is very important to build infrastructure and industrial facilities. Therefore, we believe that cooperation between our companies has symbolic significance. We hope that our practical experience in designing and building large industrial facilities in the EU and Asia will be useful in Ukraine.
Earlier [2], on November 15, 2023, Group DF International GmbH and South Korean Hyundai Engineering Co. Limited had signed a Memorandum of Understanding, which provided for cooperation through the creation of joint investment projects in the field of fertilizer production, both in Ukraine and in other jurisdictions. In particular, plans include joint implementation of projects for the construction of new and reconstruction of existing chemical plants owned by the Group.
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[6]Hyundai Engineering [7] is a Korean company founded in 1974. The company provides engineering solutions for industry and is a global player in industrial construction, architecture, infrastructure, and asset management. Hyundai Engineering operates in the field of clean energy. In industrial construction, the company provides comprehensive solutions in engineering design, procurement, and construction of large industrial facilities. In architecture, the company is involved in business projects related to industrial facilities, regular architecture, and housing construction. Business areas are chemical engineering plants, power plants, green energy, construction, residential construction, infrastructure as well as asset management.