Samsung Engineering, OMV sign agreement for modular project
Hyung-Kyu Kim
May 16, 2023 (Gmt+09:00)
CEO of Samsung Engineering Namgoong Hong (right) and CEO of OMV Alfred Stern South Korea's Samsung Engineering has partnered with global integrated energy company OMV for project collaboration.
Samsung Engineering announced Tuesday the signing of a memorandum of understanding (MOU) with Austria's OMV for cooperation in the field of "modular technology application and energy transition."
The signing ceremony took place on May 9 at OMV's headquarters in Vienna, Austria, and was attended by Samsung Engineering CEO Namgoong Hong, OMV CEO Alfred Stern, and Martijn van Koten, the Head of Fuels and Feedstock Business Unit, among other top executives from both companies.
Through this collaboration, the two companies plan to work together from the initial front-end loading phase of OMV projects, based on Samsung Engineering's modular technology. Samsung Engineering has introduced modularization to reduce on-site risks and improve cost competitiveness in plant projects. The company has successfully applied modular technology to 16 projects to date.
Additionally, both companies plan to explore various cooperation opportunities in the field of energy transition. OMV announced its 2030 strategy for a circular economy model to achieve Net Zero targets in March last year and is actively investing in and developing sustainable fuels and chemical products.
Samsung Engineering is also focusing on securing technology and developing businesses in the areas of carbon neutrality and hydrogen, as future growth drivers. Both companies expect synergy effects from their respective technological expertise and experiences.
OMV, headquartered in Austria, is one of the largest integrated energy companies in Europe, operating in a wide range of businesses including exploration, drilling, refining, gas, petrochemicals, power and service stations across Europe, the Americas, the Middle East, Africa and Asia.