By Kim Yoo-chul
Samsung Engineering has put a big coal power plant project in Kazakhstan on hold due to finance-related issues.
"Samsung Engineering has been forced to temporarily halt the operation of the project because of an issue over the guaranteed purchase of the power to be produced from the project," CEO Park Jung-heum said.
He made the remark to reporters at Wednesday's regular weekly meeting of presidents of Samsung affiliates, in the Seocho Samsung Tower, southern Seoul.
Park said the project was stopped because of the engineering affiliate's difficulty in raising funds to proceed. He declined to comment on when the project might restart.
Samsung Engineering recently won a procurement and supervision deal in Kazakhstan for the 1,320-megawatt coal power plant.
Construction in Balkhash, near the financial capital of Almaty, was scheduled to be completed by the fourth quarter of 2017. A venture between Samsung C&T, Korea Electric Power Corp. (KEPCO) and Kazakhstan started the $2.2 billion project a few years ago.
Samsung Engineering shares retreated 3.12 percent to end at 31,000 won on the nation's main bourse, according to data from the Korea Exchange, because the company's decision may negatively affect other similar projects in countries in Africa, South America and the former Soviet bloc.
Meanwhile, Samsung Card CEO Won Ki-chan told reporters that the group's credit card affiliate is in talks with Shinsegae Group, the country's retail-focused conglomerate operating Shinsegae Department Stores, to allow Shinsegae-owned or licensed outlets and distribution channels to use Samsung Electronics' mobile payment system ― Samsung Pay.
"Samsung Card joined with Samsung Electronics to push the Shinsegae Group to get an approval for Samsung Pay in Shinsegae-managed local channels," Won said.
The Pay system will be available in the United States next week and Samsung Electronics plans to launch the system in European countries such as the United Kingdom and Spain this year, according to the company.
Additionally, Samsung Electronics' television chief said the world's top TV maker plans to roll out LCD TVs using improved quantum dot technology, rejecting earlier expectations that Samsung may introduce OLED TVs next year.
"More LCD TVs using improved quantum dot technology are in the pipeline next year," TV chief Kim Hyun-seok told reporters on the sidelines of his participation in the weekly meeting.
Samsung Engineering has put a big coal power plant project in Kazakhstan on hold due to finance-related issues.
"Samsung Engineering has been forced to temporarily halt the operation of the project because of an issue over the guaranteed purchase of the power to be produced from the project," CEO Park Jung-heum said.
He made the remark to reporters at Wednesday's regular weekly meeting of presidents of Samsung affiliates, in the Seocho Samsung Tower, southern Seoul.
Park said the project was stopped because of the engineering affiliate's difficulty in raising funds to proceed. He declined to comment on when the project might restart.
Samsung Engineering recently won a procurement and supervision deal in Kazakhstan for the 1,320-megawatt coal power plant.
Construction in Balkhash, near the financial capital of Almaty, was scheduled to be completed by the fourth quarter of 2017. A venture between Samsung C&T, Korea Electric Power Corp. (KEPCO) and Kazakhstan started the $2.2 billion project a few years ago.
Samsung Engineering shares retreated 3.12 percent to end at 31,000 won on the nation's main bourse, according to data from the Korea Exchange, because the company's decision may negatively affect other similar projects in countries in Africa, South America and the former Soviet bloc.
Meanwhile, Samsung Card CEO Won Ki-chan told reporters that the group's credit card affiliate is in talks with Shinsegae Group, the country's retail-focused conglomerate operating Shinsegae Department Stores, to allow Shinsegae-owned or licensed outlets and distribution channels to use Samsung Electronics' mobile payment system ― Samsung Pay.
"Samsung Card joined with Samsung Electronics to push the Shinsegae Group to get an approval for Samsung Pay in Shinsegae-managed local channels," Won said.
The Pay system will be available in the United States next week and Samsung Electronics plans to launch the system in European countries such as the United Kingdom and Spain this year, according to the company.
Additionally, Samsung Electronics' television chief said the world's top TV maker plans to roll out LCD TVs using improved quantum dot technology, rejecting earlier expectations that Samsung may introduce OLED TVs next year.
"More LCD TVs using improved quantum dot technology are in the pipeline next year," TV chief Kim Hyun-seok told reporters on the sidelines of his participation in the weekly meeting.
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