Daewoo International signs deal to build $1.3 bln Kenyan power station

SEOUL Mon Nov 19, 2012 6:30am IST

Stocks

   

SEOUL Nov 19 (Reuters) - South Korea's Daewoo International signed a deal to build a $1.3 billion power station in Kilifi County, Kenya with the Kenyan Electricity Generating Company, Daewoo said Monday.

The coal-fired power station will be the largest in East Africa, with two turbines each producing 300 megawatts, the Kenyan Prime Minister's office said in a statement.

Kenya's Prime Minister Raila Odinga, who was in Seoul on Sunday to sign the agreement, said the new power station is seen playing a key role in the Kenyan government's objective to add 1,500 megawatts of new power capacity by 2019.

South Korean builders have been stepping up its reach in securing African construction projects, with total value of deals signed as of Nov. 18 up 28 percent from 2011 according to the International Contractors Association of Korea.

South Korean companies are competing with the likes of China and Brazil for resources in fast-growing Africa as well as for contracts and Korea has stepped up aid and its diplomatic presence in the continent. (Reporting by Joyce Lee; Editing by David Chance)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

GROUP OF 20

REUTERS SHOWCASE

Modi Speaks

Modi Speaks

PM Modi says al Qaeda will fail in India - CNN.  Full Article 

Alibaba Listing

Alibaba Listing

Alibaba surges on massive demand in trading debut  Full Article 

Importing Rice

Importing Rice

Top rice exporter India importing over 100,000 T on temporary supply squeeze.  Full Article 

GSK Fined

GSK Fined

China hands drugmaker GSK record $489 mln fine, sentences executives.  Full Article 

HMT in Demand

HMT in Demand

Fans rush to HMT as watchmaker marks time.  Full Article 

Apple Not Cool?

Apple Not Cool?

Some consumers say Apple is losing its "cool" factor  Full Article 

Asian Games 2014

Asian Games 2014

Full coverage of the 17th Asian Games as Incheon.  Full Coverage 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage