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FINANCIAL NEWS
Libya awards $438m contract to Daewoo Engineering
07 Aug 2010
(MENAFN) South Korea’s Daewoo Engineering and Construction Co. said that it has won a major power plant project in Libya despite a row over alleged spying by Seoul, Bloomberg reported.
Daewoo signed a contract in Libya with the state-run General Electricity Company of Libya (GECOL) to build a 750-megawatt power plant in Zwitina, some 140 km (87.5 miles) southwest of Benghazi, for $438 million.
The project will start in November this year and is to be completed by May 2013, the company said. It is the fourth major power plant contract Daewoo has won in Libya since 2003.
Libya also suspended operations at its de facto embassy in Seoul, forcing South Korean business people to go overseas to seek visas for Libya.
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