May 29, 2024

Samsung Engineering inks agreement with OMV

Facebook
Twitter
LinkedIn
Alfred Stern, Chairman of the Executive Board and CEO of OMV, Hong Namkoong, President and CEO of Samsung Engineering.
Alfred Stern, Chairman of the Executive Board and CEO of OMV, Hong Namkoong, President and CEO of Samsung Engineering.

Samsung Engineering, one of the world’s leading engineering, procurement, construction, and project management (EPC&PM) companies and OMV, the international, integrated energy, fuels & feedstock and chemicals & materials company, announced the signing of an MoU to cooperate on projects from the early development stage. The MoU was signed at the OMV headquarters in Vienna, Austria, by Martijn van Koten, Member of the Executive Board of OMV and EVP Fuels & Feedstock, and Hong Namkoong, President and CEO of Samsung Engineering. Alfred Stern, Chairman of the Executive Board and CEO of OMV, as well as Reinhard Florey, Member of the Executive Board and CFO of OMV welcomed Samsung Engineering’s delegation.

Samsung Engineering’s extensive experience in executing projects based on modularization was key factor for reaching this MoU.

Samsungengineering & OMV logo

OMV, is amongst Austria’s largest listed industrial companies and is committed to becoming a net-zero emissions company (Scopes 1, 2, and 3) latest by 2050. OMV has embarked on a transformation to become a leading provider of innovative and sustainable fuels, chemicals and materials, with a focus on circular economy solutions.

This strategy is aligned with Samsung Engineering’s ambitions to contribute to the energy transition, by starting to take key initiatives for the decarbonization of its operations, whereby it has launched projects in the direction of low-carbon businesses. A major goal for Samsung Engineering is to become a “Beyond EPC – Green Solution Provider”. It is striving to transform from a conventional EPC player to a green solution provider by securing a reliable source of profits and creating a sustainable growth engine for the future. Samsung Engineering is pioneering into new businesses such as green solutions and environmental infrastructure projects.

Hong Namkoong, President and CEO of Samsung Engineering said “Samsung Engineering’s excellent track record in modularization projects has led to this MoU to jointly develop sustainable projects based on modularization. In the era of the energy transition, the strategy of OMV and Samsung Engineering align to create synergy effects to promote and strengthen the foundation for mid to long-term sustainable projects.”

Martijn van Koten, Member of the Executive Board of OMV
Martijn van Koten, Member of the Executive Board of OMV

Martijn van Koten, Member of the Executive Board of OMV responsible for Fuels & Feedstock said “Strong partnerships with pioneers for sustainable solutions and projects in the low carbon business help accelerate our transformation towards our goal of reducing CO2 emissions and becoming a net-zero company by 2050. We welcome the collaboration with Samsung Engineering. This will enable us to continuously expand our renewable fuels and feedstock product range and fulfill one of the key elements of our OMV Strategy 2030 to become a leading, innovative producer of sustainable fuels and feedstock in Europe.”

Source

Also read:

Aramco collaborates with Samsung Electronics

Samsung and Omantel partner to jointly enhance brand visibility of Omantel

Samsung signs MoU with du as its retail channel partner

Share.

RELATED POSTS

Project Aghsan was launched at a special event at the Al-Futtaim Innovation Hub.
AFEF collaborates with Jabal Amman Publishers
Mr. Hazem Hegazy, the CEO and Vice Chairman of Al Baraka Bank
Al Baraka unveils new branch at Ismailia Governorate
Faisal Mohammed AlShimmari.
Mashreq appoints Faisal Mohammed AlShimmari as Head of ESG and Corporate Strategy
  • Tamkeen Insurance banner
  • Telcotech

LATEST POSTS

The Marcus Evans CAPEX Project & Portfolio Management conference taking place on 10-11 June, 2024 in Berlin, Germany, will bring together industry leaders, project managers, financial experts, and technology innovators
Souhad Saeed El Hariri Appointed As RCD-Middle East, CIS And Indian Ocean By Valor Hospitality Partners due to her marketing experience
Kanoo Machinery UAE and KSA, announced the signing of a partnership agreement with Combilift to provide sustainable forklifting solutions in the region
ROSHN Group's partnership with SIMAH reflects its commitment to transparency and due diligence. Image Courtesy: ROSHN Group