POSCO Engineering & Construction Wins Contract for Panama 'Combined Cycle Power Plant and LNG Terminal' Project

Panama Colon Combined Cycle Power Plant and LNG Terminal completed by POSCO Engineering & Construction in 2019 (Photo by POSCO Engineering & Construction)

POSCO Engineering & Construction announced on the 13th that it has secured a construction contract worth approximately 650 billion KRW for the Gatun combined cycle power plant and the expansion of the Colon liquefied natural gas (LNG) terminal in Panama.

The Gatun combined cycle power plant, contracted by POSCO E&C, is the largest power plant in Panama with a generation capacity of 640MW. The Colon LNG terminal supplies natural gas to the Gatun combined cycle power plant. POSCO E&C plans to expand the existing terminal by adding regasification facilities capable of processing 3 million tons of LNG annually.

The success of POSCO E&C in securing these two projects is attributed to the high local evaluation following the successful completion of the 'Panama Colon Project' in August 2019, which involved constructing a combined cycle power plant and LNG terminal.

The Panamanian client selected POSCO E&C as a nominated bidder for this project based on its construction technology, and POSCO E&C received high scores in price and technical competitiveness in the final bidding, leading to its selection as the final contractor.

The previously executed Panama Colon Project involved constructing a 381MW combined cycle power plant and an LNG terminal with a capacity of 180,000㎥. POSCO E&C won the project through competitive bidding in 2016 and successfully completed it in August 2019. This power plant currently boasts the largest generation capacity in Panama and reliably supplies electricity to nearby industrial complexes and 300,000 households.

POSCO E&C possesses in-house design capabilities for the entire LNG terminal, including LNG tanks, berth facilities, and vaporization and delivery equipment. Last year, it also secured a 240 billion KRW contract for the Andres LNG terminal project in the Dominican Republic. The company is expanding its package project orders for combined cycle power plants and LNG terminals worldwide in response to the growing demand for eco-friendly energy.

A POSCO E&C official stated, "The company's technological expertise and the trust built with clients have led to consecutive project wins," adding, "We will continue to practice 'Business with POSCO' by supporting our customers' success with the best products and services."

This content was produced with the assistance of AI translation services.