A deal worth $790 million has been signed for the development of gas-fired power plants in Libya. The deal was signed between Daewoo Engineering & Construction and General Electricity Company of Libya.
According to the agreement, Daewoo E&C will construct the gas-fired power plants in the Libyan provinces of Mellitah and Misurata. The Libyan government issued the construction order because it required more power plants to meet the rising demand for electricity throughout the summer.
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Remarks on the deal to build gas-fired power plants in Libya
Daewoo E&C said in its statement said, “The latest signing to build power plants in Mellitah and Misurata is significant. Since it was made possible by the company’s efforts and strategy to uphold its close relations to Libya.”
Daewoo E&C entered the Libyan market in 1978, even before South Korea and Libya established diplomatic ties. Since then, the company has completed 163 construction projects around the nation, with a total estimated value of $11 billion won.
Daewoo E&C noted that the latest construction to build gas-fired power plants in Libya will enable the company to grow its operations in Libya and surrounding nations. Several building projects have been carried out by Daewoo E&C in other African nations, such as Nigeria, Algeria, and Morocco.
Since last year, the company has signed two sizable partnerships, particularly in Nigeria. The company and Nigeria’s Warri Refining and Petrochemical Company inked a $492 million agreement in June 2022 to restore the oil refinery at Warri. The construction company and the Nigerian National Petroleum Corporation also agreed to a $590 million contract in February this year. For the renovation of the Kaduna Refinery.