Daewoo Secures $790 Million Power Plant Deal in Libya

Daewoo Secures $790 Million Power Plant Deal in Libya
Daewoo Secures $790 Million Power Plant Deal in Libya

On Friday, South Korea’s mega-firm, Daewoo announced that it secured a deal with the General Electricity Company of Libya (GECOL) to build gas-fired power plants in Libya.

According to the Korea Herald newspaper, the construction deal is worth $790 million. Under the deal, Daewoo will build gas-fired power stations in Libya’s Mellitah and Misrata regions.

The construction agreement was concluded as the Libyan government needed additional power plants to manage increasing electricity demand during the summer season.

“The latest signing to build power plants in Mellitah and Misrata is meaningful because it was achieved through the company’s efforts and strategy to maintain its strong ties with Libya,” Daewoo said in its statement.

Daewoo entered the Libyan market in 1978, even before the establishment of diplomatic relations between Libya and South Korea.

Since then, the company has completed a total of 163 construction projects in the country, which are expected to be worth around $11 billion won, according to Korea Herald website.

Daewoo noted that the latest construction will help the company to expand its business in Libya, as well as in nearby countries.

Last December, the Resident Director of Daewoo, Ilyoung Choi, met with the Chairman of the Executive Council of Benghazi Municipality, Al-Saqr Omran Bojwari.

Choi confirmed his desire to resume the infrastructure projects that have been suspended for over a decade in Benghazi. This will be done in coordination with Libya’s Housing and Utilities Projects Implementation Agency.

The statement added that Daewoo will discuss the current housing projects, as well as investment projects in Benghazi.

Bojwari affirmed the municipality’s readiness to fully cooperate with the firm. “The company carried out previous works in the city of Benghazi, which reflected positively on public facilities and services in the city,” the statement said.