Hyundai E&C-Uzbekistan deal

SEOUL, March 20 (Yonhap) -- Hyundai Engineering & Construction, South Korea's top builder, said Wednesday a consortium led by the company has clinched a US$819 million contract to build two power plants in Uzbekistan.

Under the contract with state-owned power generation company Uzbekenergo, Hyundai E&C will build two 450-megawatt combined cycle power plants in Talimarjan, about 440 kilometers southwest of the Uzbek capital Tashkent.

The builder said it plans to complete the turnkey project in 37.5 months after work begins.

Hyundai E&C said the project will be financed by the Asian Development Bank, the Japanese International Cooperation Agency and the Uzbek government.

Hyundai E&C said its consortium partner, Daewoo International Corp., a leading South Korean trading company, has played the role of a coordinator in securing the contract.

Daewoo International said it is set to be paid money worth 208.6 billion won (US$186 million) from Hyundai E&C, though no decision has been made on which currency it will receive.

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