Samsung Engineering Captures Big Project

Samsung affiliate to build NGI plant in Abu Dhabi for Abu Dhabi National Oil Corp. for $160 mln by 2014

President Kim Jae-yol, in charge of overall management planning for Samsung Engineering Co., has been widening his areas of management responsibility recently.
Kim was with President Park Ki-seok in a signing ceremony for the company's winning a project to build an NGI plant in Abu Dhabi on Feb. 2 at Gas Corp., the state-run natural gas firm. The project is the first overseas project the company has won this year and is worth $160 million.
Kim is married to Vice President Lee Seo-hyun of Cheil Industries, who is second daughter of Chairman Lee of Samsung Group. He was assigned to the company in the groups reshuffle at the end of last year from Cheil Industries where he was in charge of the company's global strategy.
Kim's visit to Abu Dhabi has to do with the need to expand the company's overseas operations in building an international network of the company's foreign customers, company officials said.
Kim will continue to make overseas trips to familiarize himself with the company's operations. Gas Corp. has become a Samsung Engineering customer for the first time with the company winning the NGI plant project, which is scheduled to be completed in 2014. This will help the Samsung affiliate strengthen its ties with the mother company of Gas Corp., the Abu Dhabi National Oil Co., which has awarded a total of seven engineering projects to the Korean firm worth some $6.6 billion since 2007.
Who is saying the following? What does it have to do with Samsung Engineering?
"In the high technology materials industry and fashion brand businesses that we pursue, 'Speed is the most important value for success.
"We should not follow market trends, but we must set market trends by presenting what customers need, in advance.
"Success in the high-technology era will be determined by speed, and we must come up with a new and faster system than the products changing pattern cycle. If we hesitate to make changes, we cannot speed up.
"To overcome the uncertainty that is prevailing in management environments, we must have an efficient organization. This could be compared to the high scores of athletes, which are always supported by well-maintained physical fundamentals.
"Efficiency is simple. Better output than input. The key to management efficiency is for our personnel to become multi-functional by strengthening our ability.
"The PSA, (Plan-Study-Action) that I stress, is the solution for efficient
management. We have to plan and execute efficiency as top priority in all of our managerial activities.
"R&D must contribute to corporate growth by contributing to cost-reduction and products that are clearly within the market goal.
"The foundation of efficiency will be SCM, the highly optimized work process that clearly sets job responsibilities and rights, thus enabling strongly held principles and smoothly running systems.
"The essence of business management is to make profit.
"Bad business that loses money is like cancer, so we have to make quick decisions.
"We must evaluate in detail for the business sectors that do not deliver a good outcome and change the sector to make a profit.
"Corporate competency is comprised of each and every employees personal performance in the corporation. And the strength of Samsung Cheil Industries to compete with global corporations comes from our will to perform better.
"Outcome-driven corporations make continuous profit even in economic downturns, and those companies have flexible and creative organizational cultures which open the bright future." nw

Officials of Samsung Engineering and Gas Corp. of Saudi Arabia pose for a photo session during a signing ceremony for the NGI plant construction project in Abu Dhabi on Feb. 2. President Kim Jae-yol in charge of planning and global strategy, 2nd L, and CEO Park Ki-seok are among the officials.