SK Engineering & Construction (SK E&C) announced on Feb. 1 that it has won a US$600 million project to modernize and upgrade a gas-fired power plant in Mubarek, Uzbekistan.
The company signed heads of terms on the project with the Uzbek Ministry of Energy, the Uzbek Ministry of Investment and Foreign Trade, and Korea Energy Corp. on Jan. 27.
SK E&C is rebuilding its business portfolio with ESG as its new core value. It is shifting the focus to eco-friendly and new energy businesses. In 2020, it entered the environmental industry in earnest through the acquisition of EMC Holdings, Korea's No. 1 general environmental company, and is expanding into eco-friendly businesses such as hydrogen fuel cells, green renovation, and renewable energy.
The latest contract includes the Uzbekistan government’s mandatory purchase of power generated by the power plant for 25 years and free supply of fuel for power generation. Through this, SK E&C secured stable income from the operation of the power plant.
The contract was signed online by Ahn Jae-hyun, president of SK E&C, Kim Chang-sup, chairman of Korea Energy Corp., Sherzod Khodjhaev, deputy minister for energy of Uzbekistan and Shukhrat Vafaev, deputy ministry of investments and foreign trade of Uzbekistan.
This article is reproduced at www.businesskorea.co.kr