South Korea’s POSCO E&C said in a statement on Friday it has recently executed a US$650 million EPC turn-key contract with Gas Natural Atlantico and Costa Norte LNG Terminal.
Under the agreement, POSCO will build a combined cycle power plant at Colon Province, 60km away from Panama City, Panama with the capacity to generate 380 MW and an LNG import terminal with a 180,000 cubic meters storage capacity, the company said in a statement.
According to POSCO, the project represents the first investment in the LNG industry in Panama.
Power produced at the facility can be distributed to around 15 million households and provide stable supply to the industrial complex near the Panama Canal and Colon area.
Costa Norte LNG Terminal is a subsidiary of the AES Panama.
LNG World News Staff