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Samsung Engineering

From Wikipedia - Reading time: 10 min

Samsung Engineering Co., Ltd.
삼성엔지니어링
FormerlyKorea Engineering (1970–1991)
Company typePublic company
KRX: 028050
IndustryProject management, engineering,procurement, construction, and commissioning
Founded20 January 1970; 54 years ago (1970-01-20)
Headquarters26, Sangil-ro 6-gil, Gangdong-gu, Seoul, South Korea
Key people
Sungan Choi (president & CEO)
ProductsHydrocarbon, industrial, environmental, infrastructure related plants and facilities
Revenue6,749,174,145,123 KRW (2020)[1]
361,182,672,371 KRW (2020)[1]
252,135,563,290 KRW (2020)[1]
Total assets4,755,575,903,078 KRW (2020.12)[1]
Owners
Number of employees
5,602 (as of 31 December 2020)[3]
ParentSamsung Group
WebsiteSamsung Engineering Website

Samsung Engineering Co., Ltd. (Korean: 삼성엔지니어링) is a Korean construction and project management (EPC&PM) company, it provides a full range of engineering services including feasibility studies, design, procurement, construction, and commissioning.

It is included in the KOSPI 200, and as of 30 June 2021, the number of listed stocks is 196,000,000 shares, the capital is 980 billion KRW, and the market cap is 4.68 trillion KRW.[4]

History

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Korea Engineering was founded in 1970 by the Korean government as the country's first engineering company.[5] It was acquired by Samsung Group in 1978.[5] During the 1970s and 80s, the Korean government prioritized the development of heavy and chemical industries and Korea Engineering was in charge of the design of projects such as the Korea National Oil Corp. refinery, the Namhae fertilizer plant and the Honam petrochemical plant.[citation needed]

Korea Engineering was renamed to Samsung Engineering in 1991.[5] In 1993, the company was awarded its first overseas project, a natural gas separation plant in Thailand.[5] Throughout the 1990s and 2000s, Samsung Engineering continued its international expansion and international projects now account for the majority of the company's business.[citation needed]

In the 2010s, Samsung Engineering expanded into new business areas including power plants and steel mills and at the same time took on complex billion-dollar projects in Saudi Arabia and the UAE. The company was ill-prepared for the execution of these projects, leading to a 1.3 billion US dollar loss in 2015.[6]

Samsung Engineering Timeline[7]

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1970s

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  • 1970: Founded as Korea Engineering, initially a technology service provider. Received an award for a distillation project from Korea Oil Corp.
  • 1973: Awarded a fertilizer project by Korea Integrated Chemical.
  • 1974: Registered as a plant engineering service provider.
  • 1975: Entrusted with a gas project by the City of Seoul.
  • 1976: Awarded an ethylene project from Honam Petrochemical.
  • 1977: Entered a business agreement with TEC of Japan.
  • 1978: Korea Engineering is acquired by the Samsung Group. Received an award for a lube oil project from Korea Oil Corp.
  • 1979: Independently executed Asia's largest project at the time for Namhae Chemical.

1980s

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  • 1981: Awarded a refinery project from Ssangyong Oil in Onsan.
  • 1982: Awarded a waste heat recovery project from Goryeo Chemical.
  • 1983: Adopted the computer-aided design system (CAD) and designated as the Engineering Technology Center within the Samsung Group.
  • 1984: Completed a semiconductor project for Samsung Semiconductor & Telecommunications in Giheung, Korea.
  • 1985: Registered as a comprehensive environmental technology service provider.
  • 1986: Awarded a TA/PTA project from Samsung Petrochemical.
  • 1987: Established the Technology Research Center.
  • 1988: Secured the Daesan Petrochemical Complex Project from Samsung General Chemicals (the first EPC turnkey project) and an EO/EG project in Indonesia (the company's first overseas EPC turnkey project).

1990s

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  • 1991: Opened the Environmental Technology Research Center, a pioneering endeavor in the Korean engineering industry, and renamed the company to Samsung Engineering.
  • 1992: Awarded a beer production facility project from Jinro Coors in Korea.
  • 1994: Achieved ISO9001 certification for quality management and expanded into Southeast Asia with significant projects like the Jilin EOEG project in China and the TPI Ethylene project in Thailand.
  • 1995: Entrusted with a project from Samsung SDI in Cheonan, Korea.
  • 1996: Listed on the Korean securities market and achieved an industry record in Korea with KRW 1 trillion in new orders and revenue.
  • 1999: Made inroads into the Latin American market and was awarded a refinery plant from PEMEX in Mexico and a sewage treatment plant in Jisan, Korea.

2000s

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  • 2001: Penetrated the Saudi Arabia market and secured the SPC PDH/PP project, the Phu My fertilizer project in Vietnam, and the Donghae-1 gas field processing facility.
  • 2002: Successfully constructed the 2002 Korea-Japan World Cup Main Stadium and built a new headquarters in Dogok-dong, Seoul.
  • 2005: Entrusted with multiple projects in Saudi Arabia, including an ethylene project from TASNEE, an EG project from SHARQ, the APPC PDH/PP project, and a BTO sewage treatment project in Yongin, Korea.
  • 2006: Expanded global presence with engineering offices in India, the US, and Saudi Arabia.
  • 2007: Entrusted with multiple projects in the Middle East, including an ESP/GSP-6 project from PTT in Thailand, an ammonia project from Ma'aden in Saudi Arabia, the Borouge-2 OCU Project in the UAE, and a DHT project from Saudi Aramco.
  • 2008: Awarded the Bapco Lube Oil Project in Bahrain.
  • 2009: Entrusted with the ADNOC Refining U&O project in the UAE, the Skikda Refinery project in Algeria, and a wastewater treatment facility from ICAD in the UAE.

2010s

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  • 2010: Marked the company's entrance into the US market and secured the Falcon project from Dow, became the first Korean engineering company to achieve an AA− corporate credit rating.
  • 2011: Listed on the Dow Jones Sustainability Index Korea and entrusted with numerous international projects.
  • 2012: Built the Material Management System and moved to the new GEC headquarters.
  • 2013: Awarded the TGAST Development Project from Petronas in Malaysia.
  • 2015: Entrusted with multiple semiconductor projects by Samsung Electronics in Pyeongtaek.
  • 2016: Built a corporate ERP based on master data (CUBE ERP) and secured multiple international projects.
  • 2017: Entrusted with the Bapco Modernization Program in Bahrain and other major projects.
  • 2018: Ranked as a Top 3 EPC contractor by MEED in the Oil & Gas category.
  • 2019: Awarded a HUGRS project from Saudi Aramco in Saudi Arabia and other major projects.

2020s

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  • 2020: Established S-AWP (Advanced Work Package-based work system) and secured the Dos Bocas Refinery project from PEMEX in Mexico.
  • 2021: Introduced businesses to commercialize innovative solutions and signed various MOUs for global alliances.
  • 2022: First in the industry to achieve multiple milestones, including acquiring ISO certifications for project management and receiving the 'Zero Waste to Landfill Certificate'.
  • 2023: Global consortium including Samsung Engineering secures exclusive green hydrogen development business license rights in Oman and signs multiple MOUs for global alliances and project developments.[7]

See also

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References

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  1. ^ a b c d "Income". Samsung Engineering. Retrieved 24 August 2021.
  2. ^ a b c "지분현황 – 삼성엔지니어링" [Equity status – Samsung Engineering]. Fn Guide. Retrieved 10 July 2021.
  3. ^ "2020 Sustainably Report". Samsung Engineering. Retrieved 24 August 2021.
  4. ^ "Samsung Engineering stock". Korea Exchange. Retrieved 24 August 2021.
  5. ^ a b c d "History". Samsung Engineering. Retrieved 26 November 2019.
  6. ^ Lee, Joyce (22 October 2015). "Samsung Engineering in $1 bln rights issue after huge loss; shares dive". Reuters. Retrieved 26 November 2019.
  7. ^ a b "Samsung Engineering". samsungengineering.com. Retrieved 1 November 2023.
[edit]
  • Official website
  • Business data for Samsung Engineering:
Licensed under CC BY-SA 3.0 | Source: https://en.wikipedia.org/wiki/Samsung_Engineering
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