06-07-2022

Samsung Engineering signs an agreement with Aramco for the national EPC champions initiative

Samsung Engineering, one of the world’s leading engineering, procurement, construction and project management (EPC&PM) companies announced today, that it has signed an agreement with Aramco for the National EPC Champions initiative. The official signing occurred on July 5, during the Saudi Aramco Namaat Industrial Investment Program event, held in the Al-Ghawar Hall at Aramco’s main office in Dhahran, Saudi Arabia.

The formal agreement signing between Samsung Engineering, Al Rushaid Petroleum Investment Company (ARPIC), and Aramco took place earlier. Samsung Engineering's President and CEO Sungan Choi, Aramco’s Vice President of Project Management, Abdulkarim Ghamdi, and ARPIC’s CEO and Chairman, Rasheed Al Rushaid, attended the Namaat event following the signing of the agreement.

The National EPC Champions initiative is tailored for investments in the EPC sector to foster local industries through the Namaat program. The Namaat program aims to build national champions, create a robust industrial ecosystem and introduce unique job opportunities. Samsung Engineering, as an International EPC contractor, with ARPIC, as a local EPC contractor, will establish a joint venture with the objective of increasing Saudization levels, maximizing iktva targets, and deploying leading construction technologies.

ARPIC has several collaborations in the oil and gas industry, including joint ventures and affiliates in the areas of manufacturing, construction, and engineering.

As a National EPC Champion, Samsung Engineering showcases its prominent presence in Saudi Arabia. Samsung Engineering has solidified its position in Saudi Arabia by carrying out over 30 projects over the past 20 years, including 16 projects with Aramco. Samsung Engineering plans to successfully carry out the National EPC Champions initiative projects, based on its experience in the Saudi Arabian market and network of suppliers and partners, and to further strengthen its position in the local market through digital technology and automation solutions.

Samsung Engineering is strengthening its competitiveness in business execution by optimizing the execution system according to the characteristics of each global region, while promoting shared growth for the client in the performing country. Samsung Engineering is building its own EPC execution systems by region through collaborations with local partners with technical skills and local production systems. In addition to Saudi Arabia, Samsung Engineering plans to expand its global operation strategy to other regions in the Middle East and Asia.

Sungan Choi, President and CEO of Samsung Engineering said, "It is always Samsung Engineering’s
mission to put our commitments for long-term development in the Kingdom as a priority and through this National EPC Champions initiative, we are proud to say that we will continue to do so in upholding that mission. We are confident to provide the best digital technology and automation solution services to Aramco, while leveraging our comprehensive experience of working with ARPIC.”