POSCO Engineering and Construction Co. clinched the Masinloc Thermal Power Plant Project from the Masinloc Power Partners, a Philippine subsidiary of AES Corp. of the United States, the construction company said recently.
The construction arm of POSCO said it secured the 1 trillion won-project when it comes to design, procurement and building. It will be located some 250 km from Manila, in the Masinloc region of the Zambales Province. The coal burning thermal power plant will have the capacity to generate 600 Mw of electricity when it goes online in 2018.
In 2011 AES Corp. announced plans for a $1-billion expansion to double the existing capacity of the 600 MW Masinloc power station. The first phase of the project would involve the construction of an additional 300 MW coal plant, expected to be completed by 2015. The second phase of the project would construct the remaining 300 MW to go online by 2018, if there was demand.
City officials opposed the expansion. In 2011, Mayor Desiree Edora described the negative effects of the existing plant, stating that local farmers "say their crops have been affected. The fruits of trees, especially mango trees, for which we are well-known for, have been stunted. They do not grow as big as before. Fishermen report less catch."
In June 2012, AES stated that it had an “environmental permit in place." As of September 2014, AES was negotiating the engineering, procurement and construction (EPC) contract with potential contractors.
The company hopes to break ground in 2015, and complete the project in 2018. The project's cost has been upped to $1.2 billion.
In June 2014, AES sold a 45 percent stake in its Philippine operations (including the Masinloc plant) to the Thai company Electricity Generating Public Company (EGCO Group).
POSCO E&C has been engaged in plant, energy, civil and environment, and architecture projects in 16 countries throughout Asia, the Middle East, South America, and Europe.
“Its progress is founded on the basis of ethics management and respect for mankind and environment, which is our way of evolving into a reliable global company,” the company said.
Based on plant engineering technology accumulated from the construction of Pohang and Gwangyang steelworks and top-notch technology, including the FINEX process that is an innovative technology for the steel industry, POSCO E&C has been demonstrating its competitiveness on the global stage. As the only total solution provider for steel plant EPC projects in the world, POSCO is conducting the CSP steel plant project in Brazil and an integrated steel mill project in Indonesia, which raise its status in the world.
Winning orders for the construction of coal-fired power plant projects in Chile and Peru proved POSCO Construction’s global competitiveness in the energy business as well as becoming a milestone in entering the power plant market in Central and South America for a Korean construction company.
“We are also expanding our reach to the eco-friendly energy business field which includes wind power, solar power, and future energy fields such as SNG (Synthetic Natural Gas) and CCS (Carbon Capture and Storage),” the company added.
POSCO E&C, founded in December 1994, is a total construction company that aims to be a global E&C company based on our excellent plant engineering technology, knowhow and skilled manpower accumulated from our experience in building the global top-tier integrated steel-works of POSCO.
“We constantly seek to penetrate new markets, including South America, Middle East and Russia, to secure reliable future income sources.”
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