Monday, August 21, 2017

Oman Oil JV completes power plant in South Korea

GS EPS Co, a joint independent power producing associate of Oman Oil Company and GS Holdings, has completed the construction of the ‘environment-friendly’ Phase IV 900 MW combined cycle power plant powered by directly imported LNG in Dangjin, Chungnam Province, South Korea.

A ceremony was held to mark the occasion, participated by Mohamed Al Harthy, Ambassador of Oman to South Korea; Isam Al Zadjali, chief executive officer of Oman Oil Company; Chang-Soo Huh, chairman of GS Group; Jin-Soo Huh, chairman of GS Caltex; Yong-Soo Huh, chief executive officer of GS EPS; and representatives from both sides.

GS EPS is one of South Korea's major independent power producers. It also operates three other LNG fired combined-cycle power plants, with a capacity of 1,500 MW and a 100 MW renewable energy power plant.

“It is a great pleasure for us to witness the inauguration of Phase IV power plant with GS Holdings. This investment is part of the OOC’s integrated strategy to diversify its growing investments internationally. OOC plays a vital role to facilitate the transfer of expertise and technology to form a knowledge-based economy,
and aims to build the technological and operational capacities through strategic partnerships.

“In future similar renewable energy projects opportunities can be explored in Oman,” said Al Zadjali.

The power efficiency of GS EPS’s newly completed Phase IV is 60 per cent. Its cost competitiveness comes from directly procuring the fuel needed for power generation. It can also generate relatively more power with the same amount of fuel due to its high efficiency. Moreover, the power generation dispatch system is set to consider both economic factors and environmental factors such as fine dust, said an Oman Oil Company statement.

Oman Oil Company has more than 50 investments, locally and internationally, where about 64 per cent of its investments are based in Oman. OOC also contributes to the establishment of a number of industrial zones and large investments within the sultanate through entering into strategic partnerships with major companies in the value chain of the energy sector in order to transfer expertise and technology and build the operational capacity of local projects in the future, it added. - TradeArabia News Service

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