Daewoo E&C wins $650m UAE power deal
Abu Dhabi, February 16, 2011
South Korea's Daewoo Engineering & Construction Co said it has won a $650.3 million deal to build a power plant in the United Arab Emirates as part of a South Korean-Japanese consortium.
Daewoo said in a statement on Wednesday that the deal was part of a $1.13 billion project that the consortium of Korea Electric Power Corp (Kepco) and Japan's Sumitomo Corp had previously won from an Abu Dhabi government agency.
Kepco put the total value at $1.5 billion when it announced the contract in October last year.
Daewoo did not elaborate on the difference in the value of the overall project. It said it would complete the power plant by March 2014. - Reuters