Weekly Intelligence Brief

GS Engineering bags contract worth $3.47b

11 February 2010

GS Engineering and Construction has reportedly bagged a contract worth $3.47 billion to build one of the world’s largest tidal power stations in Korea.

The Korean company has signed a memorandum of understanding with the state-run Korea Hydro and Nuclear Power for this project.

Construction will start in late 2011 with a view to completion in 2017, reported AFP. The company will build the power station on the west coast near Gangwha Island, 50 kilometres west of Seoul.

The power station will have a capacity of 1.32 million kw/h.

KHNP president Kim jong-shin said that the Incheon tidal power station will save 3.54 million barrels of imported oil annually, and “provide tremendous momentum for Korea’s green growth initiative”.

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Korea: http://social.tidaltoday.com/search/node/Korea