QSTS, located in eastern Qatar, is a subsidiary of Nakilat, Qatar’s state-owned company and the world’s largest liquefied natural gas (LNG) shipping company, and is a shipyard with a track record of repairing over 2,000 vessels including LNG carriers.

Through this MOU signing, Samsung Heavy Industries and QSTS agreed to prioritize cooperation in retrofit and aftermarket (AM) sectors.

Both companies plan to review cooperation in retrofit projects for eco-friendly facilities such as decarbonization, energy reduction, and onboard carbon capture equipment, as well as digital solutions, along with cooperation in small offshore projects and construction of special purpose vessels.

Samsung Heavy Industries expects to be able to actively respond to Middle East business by utilizing QSTS’s facilities and networks in line with the expanding trend of demand for eco-friendly ship conversion and offshore development projects in the Middle East region, and plans to finalize specific business items in the future.

Meanwhile, executives including Choi Sung-an, President and CEO (Vice Chairman) of Samsung Heavy Industries, attended this ‘LNG 2026’ to discuss business cooperation with global energy companies such as ‘Qatar LNG’ and ‘ExxonMobil’.

Namgung Geum-seong, Shipyard President (Executive Vice President) of Samsung Heavy Industries, said, “Business cooperation with QSTS will be an important milestone for Samsung Heavy Industries’ global business expansion in the future,” adding, “We will further strengthen our business competitiveness through active global business.”

Source: BusnessKorea