KOWEPO President Kim Byung-sook signed an MOU on the construction of an LNG power plant with Yeosu Mayor Kwon Oh-bong on Oct. 6. (Photos: KOWEPO)

Korea Western Power (KOWEPO) will build a 500MW liquefied natural gas power plant at a port redevelopment project site in Myodo, Yeosu.

The project will cost about 700 billion won. KOWEPO will use part of the construction cost to improve living conditions of the neighborhood areas of the upcoming power plant and participate in efforts to revive the regional economy by creating 150,000 jobs during a three-year construction period.

Thanks to the implementation of the project, Yeosu is expected to have an impact equal to an inflow of about 200 people.

The Myodo port redevelopment project is expected to get a boost on the back of synergetic effects related to an “LNG hub terminal in Northeast Asia.” KOWEPO President Kim Byung-sook signed an MOU on the construction of an LNG power plant with Yeosu Mayor Kwon Oh-bong on Oct. 7.

Under the deal, the Yeosu municipal government will provide administrative support for all permits and licenses related to the project. KOWEPO designated Myodo as the site of its LNG plant that will directly import natural gas from an LNG hub terminal, to be dedicated by 2024.

KOWEPO’s LNG plant is to be built in accordance with the government’s power supply plan.

After conducting a feasibility study and undergoing permission and license procedures such as residents’ opinions and environment impact evaluation, KOWEPO plans to launch the project in 2026 and complete it by 2028.

A KOWEPO official said, “The construction of the power plant is expected to have an effect of not only creating jobs in Yeosu, but also reinvigorating the regional economy.” The power company will proactively cope with environment issues by divulging information on air pollutants in a transparent fashion.

KOWEPO President Kim Byung-sook and K-water President Park Jae-hyeon hold a copy of an MOU on the joint development of overseas hydroelectric power projects they signed at K-water headquarters in Daejeon on Oct. 5.

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KOWEPO President Kim Byung-sook sealed a MOU on the joint development of overseas hydroelectric power projects with K-water at K-water headquarters in Daejeon on Oct. 5.

Under the agreement, the two companies agreed to cooperate in expanding business opportunities related to overseas hydroelectric power projects and help Korean companies’ overseas market entry to create good jobs.

Takeaways of the deal are the two companies’ joint development of overseas hydroelectric power plants based on K-water expertise and overseas CDM projects.

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