Samsung Engineering Signs Business Agreement with Global Integrated Energy Company OMV

MOU for Module Technology Project Implementation and Cooperation in Energy Transition Sector

Samsung Engineering has joined hands with the global integrated energy company OMV for project collaboration.

Samsung Engineering announced on the 16th that it signed a Memorandum of Understanding (MOU) with Austria's OMV on the 9th to apply modular technology to projects and cooperate in the field of energy transition.

The signing ceremony held at OMV headquarters in Vienna, Austria, was attended by top executives from both companies, including Namgung Hong, President of Samsung Engineering, and Alfred Stern, CEO of OMV.

Namgung Hong, President of Samsung Engineering (right), and Alfred Stern, CEO of OMV, are shaking hands.
[Photo by Samsung Engineering]

Through this MOU, the two companies plan to collaborate from the initial planning stage, FEL, of OMV projects based on Samsung Engineering's modular technology. Samsung Engineering introduced modularization to reduce on-site risks and improve cost competitiveness in plant projects, and has applied modular technology to 16 projects to date.

They also plan to explore various cooperation measures in the energy transition field. In March last year, OMV announced its 2030 strategy for a circular economy model to achieve Net Zero and is actively investing and developing to become a leader in supplying sustainable fuels and chemical products. Samsung Engineering is also focusing on carbon neutrality and hydrogen as one of its future growth engines, accelerating technology acquisition and business development. Both companies expect their respective technologies and experiences to create a synergistic effect.

Namgung Hong, President of Samsung Engineering, said, "This collaboration with OMV is significant both in Samsung Engineering's representative innovation case of modular technology and in the future new business field of green solutions," adding, "Through close cooperation with OMV, we will establish a foothold for full-scale entry into the European energy market and become a solution provider in the Energy Transition era."

This content was produced with the assistance of AI translation services.