$1.8 Billion Deal in Uzbekistan
Hyundai Engineering & Construction Co. and POSCO Daewoo Corp. will jointly conduct a project worth US$1.8 billion (1.9 trillion won) to build a combined-cycle power plant and high-voltage power transmission and transformation line in Uzbekistan.
The consortium of Hyundai E&C and POSCO Daewoo announced on November 23 that it has signed an agreement on November 22 at The Hotel Shilla in Seoul, for the project to build a 450-megawatt power plant and a high-voltage power transmission and transformation line with Uzbekistan’s state-owned power company UzbekEnergo and the State Committee of the Republic of Uzbekistan on Investments.
The signing ceremony was attended by executives and employees from Hyundai E&C and POSCO Daewoo and Uzbekistan’s government officials such as Azim Ahmedkhadzhayev, chairman of the State Committee for Investments, and Shukhrat Sheraliev, deputy chairman of UzbekEnergo.
The 450-megawatt combined-cycle power plant to be built in Navoiy, the central city of the chemical industry in Uzbekistan, is part of the Uzbek government’s state project to build large-scale combined-cycle plants.
The consortium of Hyundai E&C and POSCO Daewoo will also cooperate to construct a 220-550kV transmission and transformation line with a length of 1,230 km in the future. An official from Hyundai E&C said, “We will make the best use of our excellent prowess in construction and the Uzbek government’s experience in large-scale power projects. We expect that the latest deal will become a signal of entering the power market of countries suffering from an electric power shortage, such as Africa and Latin America as well as Central Asia, in the future.”