POSCO E&C has recently executed a US$650 million engineering, procurement and construction (EPC) contract with Gas Natural Atlantico and Costa Norte LNG Terminal, a subsidiary of AES Panama, for a combined cycle power plant and Liquefied Natural Gas (LNG) terminal project in Colon, Panama.
POSCO E&C will build the combined cycle power plant with generating capacity totaling 380 MW and the LNG terminal with a capacity of 180,000 m3, located in Colon the Panamanian city and sea port beside the Caribbean Sea.
The energy produced from the new combined cycle power plant could be enough to supply around 15 million households simultaneously, additionally the plant will ensure a stable supply to the industrial complex near the Panama Canal and Colon area.
POSCO E&C has been chosen for the proven quality of power plant construction technology in Latin America in the las years.
In 2006, POSCO E&C started in the Latin America market with the AES Ventanas coal-fired power plant in Chile and the subsequent Campiche and Angamos projects in 2007.
Moreover, the Kallpa and Chilca Uno combined cycle power plant in Peru were also executed in 2009, achieving total value for POSCO E&C of US$ 5.6billion in Latin America over 10 years.
Mr. Kun Soo Oh, Senior Executive Vice President of POSCO E&C, said;
"POSCO E&C was consecutively awarded two projects since December 2015, in the Philippines and Chile. These awards have helped POSCO E&C to increase its competitiveness in overseas power plant markets."