Daewoo E&C Wins 1 Trillion KRW Gas-Fired Power Plant Project in Libya

Daewoo Engineering & Construction has secured a power plant project worth $790 million (approximately 1 trillion KRW) in Libya.

Daewoo E&C announced on the 10th that it signed a contract on the 9th with the General Electricity Company of Libya (GECOL) for the Melita/Misurata Fast Track power plant project. This project involves constructing a gas-fired power plant in the Melita and Misurata regions of Libya. Due to the civil war, power supply in Libya had been unstable, but thanks to the electricity authority's continuous improvement efforts, stable power supply has recently been maintained. However, to prepare for the rapidly increasing summer power demand, this project was commissioned.

Since entering Libya in 1978 as the first domestic company before the establishment of diplomatic relations between the two countries, Daewoo E&C has earned continuous trust from the Libyan government by executing a total of 163 projects worth approximately $11 billion across various fields including power generation, petrochemicals, civil engineering, and architecture. Starting with the Benghazi North Power Plant in 2003, Daewoo E&C has contracted four large-scale power plant projects in Libya alone. Amid negotiations to resume suspended power plant projects at the request of the Libyan government and electricity authority, which have been suffering from power shortages after the war, Daewoo E&C received renewed trust from the Libyan government and secured this urgent project.

A Daewoo E&C official stated, “The Melita/Misurata Fast Track power plant project in Libya is a significant achievement born from Daewoo E&C’s meticulous strategy and patience in continuously maintaining one of its key markets, Libya.” He added, “Given Daewoo E&C’s extensive experience and understanding of the Libyan construction market, we expect profitability from efficient project execution and plan to actively expand our market presence in Libya in the future.”

In Africa, Daewoo E&C has carried out numerous projects not only in Libya but also in Nigeria, Algeria, Morocco, and other countries. Notably, in Nigeria, Daewoo E&C secured an emergency repair project for the Warri refinery worth approximately $490 million in June last year, and in February this year, it signed a contract for an emergency repair project at the Kaduna refinery worth about $590 million. Leveraging its accumulated experience and know-how in the African region, Daewoo E&C plans to continuously pursue new project orders in key markets such as Nigeria and Libya.