Samsung Engineering and OMV to develop modular low-carbon projects

South Korean engineering firm Samsung Engineering and Austrian chemical firm OMV have signed a MOU to cooperate on sustainable projects based on modularisation; enabling OMV to expand its renewable fuels, feedstocks portfolio.

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 modularisation was a key factor in reaching the MoU, the company said in a statement.

Hong Namkoong, President and CEO of Samsung Engineering, said: “Samsung Engineering’s excellent track record in modularisation projects has led to this MoU to jointly develop sustainable projects based on modularisation. 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.”
OMV is amongst Austria’s largest listed industrial companies and is committed to becoming a net-zero emissions company (Scopes 1, 2, and 3) 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, the company said.

This strategy is aligned with Samsung Engineering’s ambitions to contribute to the energy transition, by starting to take key initiatives for the decarbonisation of its operations, whereby it has launched projects in the direction of low-carbon businesses.
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.”

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