[Asia Economy Reporter Hyungsoo Park] Samyoung M-Tech is showing strong performance. The news that the European Union (EU) has agreed on sanctions to ban about 90% of crude oil imports from Russia, which invaded Ukraine, appears to be influencing the stock price.
As of 10:59 AM on the 31st, Samyoung M-Tech is trading at 5,580 KRW, up 12.84% from the previous day.
Last night, the leaders of the 27 EU member countries met in Brussels, Belgium, and agreed to ban imports of Russian oil into the EU by the end of this year. Charles Michel, President of the European Council, explained, "More than two-thirds of Russian crude oil imports have been immediately blocked," and described it as "a measure to cut off a huge source of funding for the war."
Prior to the agreement, on the 18th (local time), the EU announced the energy security plan ‘REPowerEU,’ which aims to end dependence on Russian fossil fuels by 2027.
The gearbox parts produced by Samyoung M-Tech are the most essential components among wind turbine parts and are high value-added products. The company emphasizes that these parts are widely used not only in the wind power industry but also in power generation and industrial machinery, and that this is an area with potential for global commercialization.
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