Hyundai E&C has made a remarkable achievement of obtaining concessions on the first social overhead capital (SOC) project since Myanmar opened up its economy.
Korea’s primary builder signed a memorandum of agreement (MOA) on the construction and operation of a gas combined cycle power generation plant with the Burmese electric power authorities on October 4. The signing ceremony, held in the country’s capital of Naypyidaw, was attended by Hyundai E&C CEO Jung Soo-hyun, minister of Electric Power U Khin Maung Soe, Korea Western Power Co. CEO Kim Moon-deok, CEO of the IB unit of Hana Daetoo Securities Jang Seung-chul and Busan Korea Biotechnology (BKB) chairman Chung Si-woo. As this is the first project commissioned by the Burmese government since the economic sanctions imposed by Western countries for 23 years were lifted, about 10 high-ranking officers attended the ceremony, showing a high interest in the project.
The consortium consisting of Hyundai E&C, Korea Western Power Co., Hana Daetoo Securities and BKB succeeded in winning an order to build a 500-megawatt combined cycle power plant in Thakayta near Yangon, the center of the country’s economy, and operate for 30 years. The first phase of the project is valued at 700 billion won.
Hyundai E&C is in charge of the engineering, procurement and construction of the gas combined cycle power generation plant.