Samsung C&T Engineering & Construction Group won a 600 billion won combined cycle power plant from Vietnam, this year’s first overseas project.
Samsung C&T E&C Group said on Feb. 2 the company landed a project to build Nhon Trach Combined Cycle Power Units 3 & 4 from Petro Vietnam Power Corp, an affiliate of Vietnam’s state-run oil company Petro Vietnam.
The project is the Vietnamese government’s first order for a high-efficiency gasification combined cycle power generation project. It calls for constructing two 1600MW-class high-efficiency gasification combined cycle power units in the Ong Keo Industrial Complex, 24 km southeast of Ho Chi Minh City.
Samsung C&T will form a consortium with the local construction firm Lilama to build two gas turbines, two steam turbines and two heat recovery boilers, as well as substations and power transmission lines.
The value of the project is a combined $835 million (about 1 trillion won). Samsung C&T’s portion of the combined value comes to $510 million (about 610 billion won).
Samsung C&T said the company’s winning the latest project was owed to the technology power and partnership recognized for the contractor’s successful implementation of the Thi Vai LNG Terminal Project, Vietnam’s first LNG terminal project.
The Thi Vai LNG Terminal is being built in an area about 70 km from the Nhon Trach Combined Power Plant, and if and when the former is dedicated, it will supply gas essential for power generation.
Last year, the Vietnamese government announced the 8th Vietnamese National Electric Power Development Plan, calling for investing $100 billion (about 121 trillion won) to expand power grid networks.
Last year, Samsung C&T won overseas orders worth a combined $7 billion (approximately 8.46 trillion won), including mega projects on a high-voltage transmission network construction from the United Arab Emirates and an LNG terminal from Qatar.
Samsung C&T E&C Group’s 2021 Q4 Earnings
Samsung C&T posted 34.455 trillion won in revenue and 1.196 trillion won in operating profit for FY 2021 on the back of continued steady growth through improved business competitiveness and enhancing management efficiency.
The company saw both revenue and operating profit increase in Q4 2021 compared to a year earlier, mainly due to improved profitability in the Trading & Investment Group and the Fashion Group, among other factors.
For FY 2022, Samsung C&T has set its revenue target at 34.9 trillion won, along with 11.7 trillion won in new orders. The company will continue to make efforts to promote solid growth centered on profitability.
Samsung C&T is expected to enjoy stable growth this year as high-quality projects won by the Engineering & Construction Group have begun in earnest while the Trading & Investment Group and the Fashion Group maintain profitability.
In addition, the company will continue to make efforts to secure new business opportunities in areas such as the bio and eco-friendly fields to enhance its overall performance.
Growing Safety in the Construction Industry
Winter is a time when construction sites are vulnerable to hazards and accidents, so it should make us all the more mindful of the importance of safety.
Samsung C&T Engineering & Construction Group is striving to make its safety systems even more rigorous by conducting internal inspections to check compliance with laws, and emergency simulation training to prevent accidents before they occur.
Furthermore, the group has made significant expansion of its organizational safety structures its top management goal in 2022.
Samsung C&T Engineering & Construction Group has expanded the number of internal safety organizations from two to seven teams.
The present composition is the Safety and Health Policy Team, the Operations Team, the Support Team, the Environment Team, and three Safety and Health teams for each business unit.
These safety organizations are in charge of establishing and implementing enterprise-wide safety and health policies.
To head this new organizational structure, the position of Chief Safety Officer, at the level of vice president, was newly appointed.