Daewoo expects to win $257 million order from Libya’s power monopoly
Libyan state-owned power monopoly The General Electric Company of Libya (GECOL) is expected shortly to award Daewoo Engineering & Construction Company a $257 million contract to build a new thermal power plant, according to a disclosure statement to the Korea Stock Exchange issued by the South Korean manufacturer.
In March 2002, Daewoo won an order to build a $200 million gas processing plant in Wafa, Libya. A target date for completion was set for 2004.
Established in 1973, Daewoo is a Korean contractor in Asian and international markets. Its fields of business include nuclear power plants and electric high-speed railway construction. The company entered the Sudanese and Libyan construction market in the late seventies and entered the Algerian market a decade later. — (menareport.com)
© 2003 Mena Report (www.menareport.com)