Daewoo E&C Signs MOU with KEPCO KPS for Overseas Business Cooperation
Daewoo E&C announced on the 15th that it signed an MOU with KEPCO KPS on the 14th to cooperate on overseas projects in the power generation and nuclear sectors.
Through this MOU, both companies agreed to jointly develop overseas power generation and nuclear projects, collaborate on performance improvement and restoration project development, and infrastructure construction in regions such as the Middle East and Africa. They also plan to explore joint entry into Libya's reconstruction market power projects.
Libya, which has long suffered from civil war and urgently needs post-war damage restoration projects, recently issued the ‘Fast Track Power Plant Project’ to ensure stable power supply and has been actively promoting reconstruction projects. The ‘Fast Track Power Plant Project,’ valued at approximately 1 trillion KRW, involves the urgent construction of gas-fired power plants in two areas, Melita and Misurata. Daewoo E&C proactively entered the Libyan reconstruction market by signing a contract for this project with the Libyan Electricity Company in March.
Meanwhile, Daewoo E&C holds the largest track record among domestic construction companies operating in Libya. Starting with the Garinius Medical College construction in 1978, the company has completed 163 projects over 40 years, including government office complexes, hotels, and the Benghazi and Misurata combined cycle power plants, with a contract amount totaling approximately 11.4 billion USD. Leveraging its unparalleled experience and know-how in the Libyan market, Daewoo E&C plans to partner with KEPCO KPS, a leading company in power plant maintenance, to jointly develop Libya’s reconstruction market and overseas power generation projects and promote technical cooperation.
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A Daewoo E&C official stated, “Through this MOU with KEPCO KPS, we will form a single team to actively promote the performance improvement project of Libyan power plants.” He added, “Both companies are currently members of ‘Team Korea’ for nuclear power plant exports to the Czech Republic and Poland, and we will strengthen our ties and cooperate actively to achieve our nuclear export goals.”
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