Daewoo Engineering Awarded $716 Million Thermal Power Plant Contract
South Korean Company, Daewoo engineering and Construction has been awarded a $ 716 Million contract to build a thermal power plant in Nigeria.
The contract was awarded by French Oil major Total. Total also recently awarded a French construction company Effiage a $ 424 Million contract to build a metallic oil rig.
The French company appears to be going on a strategic spending spree in order to consolidate on its investments in the upstream sector after recently discovering estimated at 85,000 barrels per day in its oil mining lease 102.
According to Wikipedia.com, a thermal power station is a power plant in which the prime mover is steam driven. Water is heated, turns into steam and spins a steam turbine which drives an electrical generator.
Daewoo Engineering and Construction is no stranger to Nigerian contracts, in February the company won a $ 250 Million contract to build a gas processing facility. That contract was awarded by Shell Petroleum Development Company.
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