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FINANCIAL NEWS
Algeria awards S Korean consortium USD1.06b power plant contract
25 Nov 2012
(MENAFN) Algeria has awarded a USD1.06 billion contract to a South Korean consortium to build a combined cycle power plant in the North African country, Reuters reported.
The consortium includes Daewoo International, Hyundai Engineering and Hyundai Engineering & Construction.
Under the turnkey contract with the state-run Algerian Society of Electricity Production, the consortium will set up a 1,200-megawatt power plant in Algeria’s northeastern town of Ain Arnat, Daewoo said.
The statement added that the power station is slated for completion during a 39-month period.
South Korean builders are competing with firms from China and Brazil for construction contracts in fast-growing Africa.
Earlier this month, Daewoo International has won a USD1.3 billion deal with the Kenyan Electricity Generating Company to build a 600-megawatt, coal-fired power plant.
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BBK’s General Assembly Approves 35% Cash Dividend Distribution to Shareholders
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