SNT Energy Signs 'HRSG Localization Agreement' with Saudi Arabia

[Financial News] SNT Energy announced on the 29th that its 100% subsidiary, SNT Gulf, a local corporation in Saudi Arabia, signed an HRSG localization agreement with the Saudi Localization Procurement Agency.
The signing ceremony held the previous day at the headquarters of the Ministry of Energy in Riyadh, Saudi Arabia, was attended by Ahmad Alzahrani, Deputy Minister of Energy of Saudi Arabia, Abdulrahman Bin Abdullah Alsemari, CEO of the Localization Procurement Agency, Saudi government officials, Shin Kyung-in, CEO of SNT Energy, and Oh Young-seok, CEO of SNT Gulf. 
As SNT Gulf has been recognized as the first HRSG company to have the capability of HRSG localization in Saudi Arabia, SNT Gulf's HRSG will be listed in the 'Essential Local Purchase Items' that must be purchased locally in Saudi Arabia. The essential local purchase items of the Saudi government are part of the localization policy to encourage the localization of domestic industries and promote the development of national infrastructure, and additional points are given during public bidding for registered companies and products.
Being listed in the essential local purchase items requires a thorough review and rigorous on-site verification of local companies' investment performance, technical capabilities, and production facilities. In the case of SNT Gulf, the final on-site verification process was completed last April.
Previously, SNT Gulf signed a 'Strategic Long-term Procurement Agreement' for Air Coolers with Saudi state-owned company Aramco in November 2022, and after that, in January of the following year, they have been making significant efforts to conclude the HRSG localization agreement, including the first plant expansion for local production of nuclear equipment such as HRSG and condensers, and the second expansion in January 2025.
An SNT Energy official stated, "This agreement is an achievement recognized by the Saudi government for SNT Energy's technological prowess and willingness to invest locally, and it will serve as a foundation to strengthen our strategic position in the Saudi HRSG market," adding, "We will actively contribute to the development of local industries in connection with the Saudi government's 'Vision 2030' policy."

bsk730@fnnews.com Kwon Byung-seok Reporter