Korea’s POSCO E&C negotiates $2.92bn Vision 2030 projects

Korea’s POSCO E&C negotiates $2.92bn Vision 2030 projects
Han Chan-Kun, president and CEO of POSCO E&C, and Cho Young Doo, vice CEO for strategic planning, address a press conference on Monday.
Updated 22 June 2016

Korea’s POSCO E&C negotiates $2.92bn Vision 2030 projects

Korea’s POSCO E&C negotiates $2.92bn Vision 2030 projects

RIYADH: POSCO E&C, a South Korean global construction leader, says it is negotiating projects related to Saudi Vision 2030 worth $2.92 billion.
Han Chan-Kun, president and CEO of POSCO E&C, announcing this here on Monday, highlighted Korean and his company's contributions in the implementation of Vision 2030.
Chan-Kun said his company has lined up many projects for the Kingdom to support its march to achieve Vision 2030, including 13 projects under planning, two under construction and two under negotiation.
"Under construction projects are the $421 million sulfur railcar roaring faculty owned by Saudi Aramco and the $79 million Yanbu wastewater treatment plant owned by Marafiq,” he said.
"The two projects under negotiations are the $2.00 billion Ghazlan power plant owned by Saudi Electricity Company (SEC) and construction of $918 million five-star hotel owned by Dar Al Hijrah," he added.
Chan-Kun, a prominent South Korean business leader, highly lauded Vision 2030 stating that it will transform the country to a new advanced level both regionally and globally, and will provide the Kingdom and its people more prosperity and better quality of life in the post-oil era.
"Korea will be a strong contributor to this transformation process with all that it has in terms of knowledge and expertise. Our company already has started this by working in some of the vision projects and it will work on more once we get more opportunities," he said.
He pointed out that his company entered into partnership with the Saudi Public Investment Fund (PIF), which purchased 38 percent (around $ 1.1 billion) of his company and this partnership resulted in establishing PECSA, a new Saudi-Korean joint venture company that will be a major player in the fields of urban development, housing and infrastructure construction in the country.
He hoped that the new JV will place his company in a better position to offer the best possible projects in its specialties across the Kingdom.
"While partnerships with many others can be merely for draining profits from the country after completion of projects and nothing else, our partnership with PIF, hopefully will be mutually beneficial and will secure profitability and stability, and sustainability for the projects we implement, " Chan-Kun added.
"Also, the joint venture will benefit in technology transfers, job creation, improve Saudi and GCC engineers’ capabilities by interacting with their high level counterparts in POSCO E&C," he pointed out.
Chan-Kun said his company will provide many job opportunities for Saudis especially in the field of engineering and construction. He expressed his admiration for the Saudi students currently studying in South Korea and said with hard work and devotion they are assured of taking their right places in many fields during the implementation of Vision 2030 when they return home.
He pointed out that his company, ranked third in Korea and 39th globally in the field of engineering and construction. It is part of the Korean and global giant, POSCO Group, that has six major business affiliates in the fields of steel, engineering, trade, IT, energy, and chemistry, and comprises 41 subsidiaries in these fields.
Cho Young Doo, vice CEO for strategic planning, also addressed the media shedding light on POSCO E&C's strategic approach in delivering Vision 2030.
He said his company's strategic approach will focus on three elements. First, the strategic relationship between Korea and the Kingdom that goes back to 1960's as well as the strategic partnership and expertise of the three concerned parties — Saudi PIF, POSCO Group, and POSCO E&C.
The second is provision of total solution from the accumulative know-how and urban development expertise his company has acquired from many past mega projects' execution.
The third is job creation and improving the capabilities of Saudi engineers and work force in construction specialties.


Samsung launches new flagship Galaxy S smartphone early, targets remote workers, gamers

This photo provided by Samsung shows the Galaxy S21. (Samsung via AP)
This photo provided by Samsung shows the Galaxy S21. (Samsung via AP)
Updated 15 January 2021

Samsung launches new flagship Galaxy S smartphone early, targets remote workers, gamers

This photo provided by Samsung shows the Galaxy S21. (Samsung via AP)
  • Samsung is set to release the S21 series at a cheaper rates
  • The series will be widely available starting Jan. 29 through Samsung.com, carriers and retailers online

SEOUL, South Korea: Samsung Electronics Co. Ltd. on Thursday unveiled the first Galaxy S smartphone with a stylus for on-screen work called the S Pen, more than a month ahead of its usual annual release schedule for models of its flagship compact phone.
Analysts have said offering a stylus within the Galaxy S21 series might signal the South Korean tech giant will merge the S line with its other premium smartphone range, the Note, already equipped with a note-taking stylus. That could free up resources for Samsung to push its separate range high-end foldable phones as key mass products rather than niche devices.
Samsung is also looking to grab market share after China’s Huawei Technologies was hit with US sanctions that restricted its supply and hurt sales, analysts have said.
An early Galaxy S21 launch is a likely tactic to capitalize on Huawei’s woes, said Counterpoint Research analyst Sujeong Lim. New iterations of the Note typically come in the second half of the year.
Lim said Samsung faces intense competition in the high-end category from Chinese vendors amid growing demand for devices that can be used for remote work amid the coronavirus pandemic, as well as play like videogaming.
In the United States, the Galaxy S21 price range starts at $799.99, the S21 Plus version at $999.99, and the S21 Ultra at $1,199.99.
The series will be widely available starting Jan. 29 through Samsung.com, carriers and retailers online, Samsung said.
With the most advanced processing chip in any Galaxy device, the S21 is 5G compatible and designed for shooting and viewing video and images as well as on-screen work. The top end of the range, the Ultra — the only version compliant with the S Pen stylus, which has to be bought separately — sports a four-lens rear camera that allows different angles and zoom shots.
Samsung plans to offer the stylus with other devices, said TM Roh, head of Samsung’s mobile communications business.
The standard S21’s screen size is 6.2 inches, with the S21 Plus at 6.7 inches and S21 Ultra is 6.8 inches, optimal for watching videos and gaming. The latter two are close in size to last year’s Galaxy Note ‘phablets’ — a cross between a phone and a tablet.
The S21 series is powered by Qualcomm Inc’s Snapdragon 888 chips or Samsung’s own Exynos 2100 chips depending on the region, Samsung said. Qualcomm said last month the 5G chips will be manufactured by Samsung’s chipmaking division.