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

India-WTO Row

REUTERS SHOWCASE

Market Eye

Market Eye

Nifty falls most in nearly 3-1/2 weeks; Sensex down over 400 points  Full Article 

Factory Activity

Factory Activity

Factories post fastest growth for 17 months in July  Full Article 

Paying for Bail

Paying for Bail

Jailed Subrata Roy gets office to negotiate hotel sales.  Full Article 

Rupee Dips

Rupee Dips

Rupee posts biggest weekly loss since record lows in August.  Full Article 

Reviving Infosys

Reviving Infosys

CEO Sikka says to improve business with new growth avenues  Full Article 

Outlook Slashed

Outlook Slashed

ArcelorMittal cuts outlook as ore prices hit mining  Full Article 

Re-gaining Momentum

Re-gaining Momentum

China, Asian factory growth gathers pace; Europe falters  Full Article 

Factory Lockout

Factory Lockout

Pfizer says threats to managers force staff lockout at Mumbai factory .  Full Article 

Gold Smuggling

Gold Smuggling

In cat-and-mouse game, India uncovers new gold smuggling route.  Full Article 

Reuters India Mobile

Reuters India Mobile

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