Construction Deals
POSCO Engineering & Construction Co (POSCO E&C). has won a deal to construct a coal-fired power plant in Matarbari Island in Bangladesh, along with Japanese trading firm Sumitomo Corp. The company has also recently won a 60 billion won (US$52.71 million) deal to improve the water supply facilities in Yangon, the former capital of Myanmar.
Acccordig to POSCO E&C on August 20, the construction arm of steelmaker POSCO will build a 1,200 megawatt plant and related facilities, including port, on Matarbari Island, Chittagong, some 280 kilometers southeast of Dhaka, the capital of Bangladesh. It is a large project that takes seven years to complete the construction.
The Sumitomo consortium, which has cooperated with POSCO E&C, was selected as the successful bidder of the project by Bangladesh’s CPGCBL last month. The total investments amount to 5 trillion won (US$4.5 billion), which is the largest for a single coal-fired power plant project in Southwest Asia. POSCO E&C will carry out construction worth 950 billion won (US$834.58 million) such as civil engineering works and coal material treatment facilities.
In addition, POSCO E&C has also recently won a 60 billion won (US$52.71 million) deal to improve the water supply facilities in Yangon, Myanmar. The company has selected Myanmar as one of its five strategic countries and will open a hotel in Yangon as a landmark skyscraper in Myanmar.
In particular, POSCO E&C can stably carry out construction of the two projects since they are funded by Japan International Cooperation Agency (JICA).