November 28, 2024

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A power plant built in Benghazi, Libya, constructed by Daewoo Engineering & Construction (Daewoo E&C)

Daewoo Engineering & Construction announced Friday that the company has secured a deal to build gas-fired power plants in Libya.

The construction deal, which Daewoo E&C signed with General Electricity Company of Libya, is worth $790 million (1 trillion won), the company added.

Under the deal, Daewoo E&C will build gas-fired power stations in Libya’s Mellitah and Misurata regions.

The construction order was made 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 Misurata is meaningful because it was achieved through the company’s efforts and strategy to maintain its strong ties with Libya,” Daewoo E&C said in its statement.

Daewoo E&C 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.

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

Daewoo E&C has been conducting several construction projects in other African countries, including Nigeria, Algeria and Morocco.

Particularly in Nigeria, the company signed two large-sized deals since last year. In June, 2022, the company signed a $492 million deal with Nigeria’s Warri Refining and Petrochemical Company to repair the Warri Refinery, an oil refining plant. In February this year, the construction firm also signed a deal worth some $590 million with the Nigerian National Petroleum Corporation for the rehabilitation of the Kaduna Refinery.

By Shim Woo-hyun (ws@heraldcorp.com)