KIB Plug Energy Wins First Order for Qatar NFS Project

Heat exchanger and eco-friendly energy company KIB Plug Energy announced on the 16th that it has signed a contract worth 12.9 billion KRW with Technip for the procurement of chemical plant equipment. This is part of Qatar's liquefied natural gas (LNG) project, 'North Field South (NFS)'.

KIB Plug Energy will supply ultra-high pressure multi-tube heat exchangers (Shell & Tube Heat Exchanger) to the Qatar NFS project through the ordering party, Technip. The supply contract period is until June 19 next year.

A company representative said, "Receiving the first order for the NFS project, which is an extension of Qatar's North Field East (NFE) project, means that our competitiveness has been proven," and added, "Continuous orders for the NFS project are expected to proceed, and additional orders are anticipated accordingly."

Technip is considered a global top engineering company. It merged with the US FMC Technologies in 2017 and is listed on the New York Stock Exchange as 'TechnipFMC.' Its current market capitalization reaches approximately 11 trillion KRW.

A KIB Plug Energy representative emphasized, "Based on the accumulated technology and stable orders in the heat exchanger business, we will also strengthen our capabilities in the eco-friendly energy sector."