POSCO E&C Awarded US$ 650 Million Combined Cycle Power Plant and LNG Terminal Project in Panama

SEOUL, South Korea, Feb. 19, 2016 /PRNewswire/ —

  • The Power Plant (380MW) and LNG Terminal importation terminal (180,000m3) will be the first investment in the LNG industry in Panama
  • POSCO E&C has achieved US$5.6 billion for Latin American Projects in 10 years
  • Raised its competitiveness in Latin American Power Plant Market

POSCO E&C recently executed a US$ 650 million EPC turn-key contract with Gas Natural Atlantico S. de R.L and Costa Norte LNG Terminal S. R.L, (subsidiary of AES* Panama) for Colon combined cycle power plant and LNG terminal project.

POSCO E&C will construct the largest combined cycle power plant in Panama with generating capacity of 380MW and LNG terminal with a capacity of 180,000m3, located in Colon Province, 60km from Panama City.

Power produced from the Colon combined cycle power plant can be supplied to around 15 million households simultaneously, which will ensure a stable supply to the industrial complex near the Panama Canal and Colon area.

POSCO E&C has been highly praised for the proven quality of power plant construction technology in Latin America over the past decade and was awarded the contract after a fierce competition against prominent engineering, procurement and construction (EPC) companies.

Mr. Kun Soo Oh, Senior Executive Vice President of POSCO E&C, said; “POSCO E&C was consecutively awarded two projects since December 2015 [by AES], in the Philippines and Chile. These awards have helped POSCO E&C to increase its competitiveness in overseas power plant markets.”

In 2006, POSCO E&C became the first Korean construction company to construct a power plant in Latin America with the AES Ventanas coal-fired power plant in Chile and the subsequent Campiche and Angamos projects in 2007. Moreover, the Kallpa and Chilca Uno combined cycle power plant in Peru were also successfully executed in 2009, achieving total value for POSCO E&C of US$ 5.6billion in Latin America over 10 years.

Homepage: http://www.poscoenc.com/

*The AES Corporation: The US power company generating and distributing electrical power of around 36 GW in 17 countries.