Samsung Engineering, the South Korea-based engineering, procurement, construction, and project management giant and Austria-based energy and petrochemicals company OMV announced on Tuesday the signing of an MoU to cooperate on projects from the early development stage with a focus on modularisation.

The MoU was signed at the OMV headquarters in Vienna.

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.” He said the emphasis would on be on mid to long-term sustainable projects.

“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,” said Martijn van Koten, Member of the Executive Board of OMV responsible for Fuels & Feedstock.

He said the collaboration with Samsung Engineering would enable the company to continuously expand its renewable fuels and feedstock product range and become a top producer of sustainable fuels and feedstock in Europe under its ‘OMV Strategy 2030.’

(Writing by Senthil Palanisamy; Editing by Anoop Menon)