$750M Energy Project
Minister of commerce, industry and energy Joo Hyung-hwan began to support Korean companies’ winning an order to build a US$750 million combined cycle power plant using natural gas in Malaysia.
Korean minister Joo met Maximus Johnity Ongkili, minister of energy, green technology and water of Malaysia at the Hyatt Hotel in Jeju on March 17. In the meeting, minister Joo asked minister Ongkili to allow Korean companies to participate in the project.
“We ask you to help Korean companies to take part in the combined cycle power plant construction project for which a bidding process is now underway,” Minister Joo asked minister Ongkili in the meeting.
Malaysia's Pura Indah Combined Cycle Power Plant using natural gas is a 1200-megawatt power generation project. The final successful bidder will be determined by the first half of next year. About 10 companies including Korean companies submitted their letters of intent to participate in the project.
In the energy ministers’ meeting on the day, the two countries agreed to revise the green technology cooperation agreement (MoA) by June this year. This agreement signed in September 2010 is a framework for energy cooperation between the two countries.
The amendment covers energy technology, nuclear energy, new energy industries, new and renewable energy, and electric vehicles. Malaysia is the fourth largest liquefied natural gas (LNG) exporter to Korea.