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  • The Rise of the Global LNG market: Samsung Engineering is preparing for the future
    édité le 29/09/2014 - Plus de news de "Samsung Engineering" - Voir la fiche entreprise de "Samsung Engineering"

The Rise of the Global LNG market: Samsung Engineering is preparing for the future
The demand for global natural gas continues to grow every year. According to the World Energy Outlook by the International Energy Agency (IEA), natural gas is going to play a significant role in the world’s energy mix. Also, demand for liquefied natural gas (LNG) is expected to be growing even stronger, particularly in the mid and long-term. Especially, Asian markets, such as Japan, South Korea, as well as Latin American markets are in demand for LNG and generate the largest rises in demand growth globally. With a recent merger with Samsung Heavy Industries, one of the world’s best shipbuilder, Samsung Engineering is preparing to be the major player in this up-striving market

Mega multi-billion LNG projects are planned globally. More than ever, it is invested into LNG projects, with the value chain starting from exploration, gas separation, liquefaction, and continuing with transport, vaporization and storage business. The liquefaction LNG business is among the more lucrative part of the businesses, accumulating for the major portion in investment.

The LNG business continues to grow on a global scale along with the increase in global demand, also fueled by the expanding shale gas development in North America. According to the PFC Energy, LNG plants are expected to add a capacity of 16 million tons per year with a market size of 124 billion dollars by 2025.

Samsung Engineering is taking the challenge to become a major LNG market player with the experience in the execution of numerous gas projects and the Manzanillo LNG Terminal in Mexico. Moreover, Samsung Engineering completed world-class Ethylene and Air Separation Unit (ASU) projects, which include similar processes to LNG liquefaction plants. To add all the facets of the hydrocarbon value chain and to gain proficiency, Samsung Engineering is currently executing the Pre-FEED for the Texas LNG project, which is a 2 MTA LNG export facility in Brownsville, South Texas, USA.

Further, Samsung Engineering received a FEED contract from Pacific North West LNG for a LNG export facility on Lelu Island, south of British Columbia, Canada. The company is trying to maximize its capacity for LNG projects by searching collaboration with global leading licensors and also training their engineers to cover the complete LNG value chain.

The merger between Samsung Engineering and Samsung Heavy Industries will even ease the entry into LNG liquefaction sector, due to Samsung Heavy Industries’ offshore and shipbuilding experiences which are expected to create a significant synergy for both companies. For example, Samsung Heavy Industries developed the world first LNG-FPSO in 2008, further it is building the world’s largest LNG carriers and created the world’s first LNG regasification vessels.

Moreover, Samsung Heavy Industries is expecting to be awarded the Lavaca Bay LNG-FLSO project in US by Excelerate Energy towards the end of the year. Through this proven track records, Samsung Engineering will expand its business not limited to onshore LNG projects but also to FLNG and offshore LNG projects.

Samsung Engineering’s spokesperson commented: “Our entrance to LNG liquefaction market will be the stepping stone for the broader on & offshore LNG market. Samsung Engineering’s engineering and project management specialty along with Samsung Heavy Industries’ manufacturing expertise and track record in offshore projects will create a global leading EPC giant which covers both on & offshore market worldwide.”

About Samsung Engineering

Founded in 1970, Samsung Engineering has grown from a modest domestic engineering firm to a globally recognized name in the EPC market. Attracting talent from around the world, Samsung Engineering has broadened its business portfolio to a full range of engineering services: upstream and downstream hydrocarbon facilities; power plants; water and waste treatment plants; and industrial production facilities.

Origine : Communiqué Samsung Engineering

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