Samsung Heavy Industries Co., a leading South Korean shipbuilder, has signed a memorandum of understanding (MOU) with Qatar’s state-owned shipyard, marking a strategic expansion into the Middle Eastern market.
Samsung Heavy Industries announced on the 4th that it participated in ‘LNG 2026’ held in Doha, Qatar, where it signed a business cooperation MOU with Qatar Shipyard Technology Solutions (QSTS), a subsidiary of Nakilat, the world’s largest liquefied natural gas (LNG) shipping company.
QSTS, located in eastern Qatar, is a subsidiary of Nakilat and has a track record of repairing over 2,000 vessels, including LNG carriers.
Under the MOU, Samsung Heavy Industries and QSTS will prioritize cooperation in vessel conversion and asset management (AM) sectors.
The two companies also plan to explore collaboration in eco-friendly equipment such as decarbonization technologies, energy-saving solutions, onboard carbon capture systems, digital solutions, small-scale offshore projects, and newbuilds for special-purpose vessels.
Samsung Heavy Industries aims to leverage QSTS’s shipyard facilities and regional network to actively respond to the growing demand for eco-friendly ship retrofitting and offshore development projects in the Middle East, including Qatar. The company plans to seize local business opportunities and finalize specific collaborative projects in the future.
Nam Koong Geum Sung, Executive Vice President and Head of Shipyard at Samsung Heavy Industries, stated, “This business partnership with QSTS will serve as a significant milestone in Samsung Heavy Industries’ global expansion. We will further strengthen our business competitiveness through proactive global initiatives.”
Source From:Yonhap