POSCO E&C consortium clinches W211.6 bil. deal on Jeju
A consortium led by POSCO Engineering & Construction (E&C) has inked a 211.6 billion won ($182.9 million) deal to build gas storage tanks and their additional facilities at the Jeju Naval Base in Jeju Island.
According to POSCO E&C, Wednesday, Korea Gas Corp. selected the POSCO E&C-POSCO Engineering consortium as a winner of the tender for the facilities Jan. 26 where the nation’s 11 major construction companies had participated.
POSCO E&C has a share of 60 percent in the consortium while POSCO Engineering has 40 percent.
Under the deal, the consortium is expected to build two 45,000-ton LNG tanks and their additional facilities in Aewol, northwestern Jeju Island, and the construction completion is scheduled for August, 2019.
The consortium consisted of POSCO E&C and its affiliate POSCO Engineering previously carried out Gwangyang LNG terminal and Samcheok LNG production base projects, recognized as having the best technologies in construction and chemical engineering.
In November, POSCO E&C also clinched an Ulsan New Port breakwater deal worth 130 billion won, proving its excellence in various major construction projects.
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jhoo@ktimes.com