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POSCO E&C is set to construct a 380MW Colon-based combined cycle power plant and a 180,000m(3) LNG tank. The construction site is in the Telfers industrial complex in Colon, Panama.
The Colon CCPP project will build an LNG CCPP along with a 180,000m(3) LNG storage tank to supply fuel at Colon, which lies near the Atlantic entrance to the Panama Canal, and is about 70km north of Panama City, the capital of the Republic of Panama. With a construction cost of $650 million, the power plant is expected to be completed in July 2018 and the LNG tank in May 2019.
The Colon CCPP has a generation capacity that will allow for approximately 300,000 households to use electricity simultaneously. Once completed, the power plant will provide a stable supply of electricity to the industrial complex near Panama Canal and the Colon area.
Han Chan-kun, CEO of POSCO E&C said the project "is the result of efforts to establish trust with the ordering parties in Latin America over the past decade."
POSCO E&C entered into the energy plant market of Latin America in 2006 for the first time among domestic construction companies, with the construction of a coal-fired power plant (CFPP) in Ventanas, Chile, which was awarded by AES. POSCO E&C has achieved a total of $5.6 billion in Latin America over 10 years since it made its first foray into the area.