Samsung C&T CEO Oh Se-cheol signs an LOA with Qatar Petroleum Chairman Saad Sherida Al-Kaabi on March 1. (Photos: Samsung C&T)

Samsung C&T’s Construction & Engineering Group became the single winner of a project to build a 1.85 trillion won LNG export terminal in Qatar, the group said on March 2.

The project, awarded by Qatar’s state-run Qatar Petroleum, involves the construction of storage tanks for exporting LNG.

Samsung C&T, the sole EPC contractor, will build three 187,000 cubic meter LNG storage tanks, three berths and transportation pipelines. The price of the project is $1.67 billion (about 1.85 trillion won).

Construction will last 57 months, and related facilities will be dedicated in November 2025.

Qatar, the world’s largest LNG producer, has been expanding the production of the North Field and export terminal facilities to meet rising global demand for LNG.

Samsung C&T said the winning of Qatar’s LPG project was owed to the contractor’s track record of experiences such as multiple global LNG projects, port projects, Qatar’s combined cycle power projects and competitive bidding proposals.

As LNG projects take on significance as eco-friendly ones, the contractor said it plans to expand its presence to more upcoming LNG projects by making the latest LNG project a success.

Earlier, Samsung C&T Construction & Engineering Group dedicated LNG terminal projects in Singapore and Malaysia, and the contractor is now implementing Vietnam’s first LNG terminal project.

 
The contractor has been credited from project owners for presenting differentiation designs through Whessoe’s design capabilities.

Whessoe, a subsidiary of Samsung C&T, takes a 13 percent share in the design of LNG tanks being produced around the world.

Samsung C&T’s Overall Performance

Samsung C&T posted 30.22 trillion won in 2020 revenues, down 546 billion won or a 1.8 percent, from 30.76 trillion won in FY 2019. Samsung C&T logged 857 billion won in operating profit, down 10 billion won, or a 1.1 percent drop from 867 billion won in FY 2019.

While both revenue and operating profit fell slightly due to the effects of COVID-19, the company’s overall performance was maintained at a similar level to the previous year thanks to the steady achievements of the Engineering & Construction Group and other factors such as the increase in plant capacity utilization at Samsung BioLogics.

Engineering & Construction Group Orders Reach 85.6 percent of Annual Target

The Engineering & Construction Group chalked up 11.7 trillion won in 2020 revenue, up 50 billion won, or a 0.4 percent increase, from11.65 trillion won in FY 2019.

The contractor posted 531 billion won in operating profit, down KRW 9 billion won or a 1.7 percent decline from 540 billion won in FY 2019.

The group’s revenue grew slightly due to good progress in domestic and overseas plant projects, while its operating profit remained relatively consistent despite the COVID-19 impact. Orders reached 85.6 percent of the annual target of 11.1 trillion won.

Samsung C&T has demonstrated AI-enabled smart housing technologies.