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South Korean firm Daewoo Engineering and Construction Company will facilitate the production of 10,000MW of electricity projects in Nigeria after signing a MoU with the West African country’s government
The deal, which was signed by minister of power Professor Barth Nnaji on behalf of the Nigerian government and Daewoo E&C President and chief executive officer Sang-Real Kim, will see Daewoo invest 20 per cent equity into various engineering and construction services in the Nigerian power sector.
According to the Daily Trust, the agreement will also see Daewoo provide expert advice and guidance on electrical, production and construction of power projects to companies who want to do business in Nigeria.
“Today is a very important day for the relationship we want to create, ourselves, Daewoo and the people of Korea,” said Nnaji.
Daewoo E&C has already been active in Nigeria and in 2010 won an order to supply Shell with equipment for a domestic gas pipeline. In 2004 the company won a $95.73 million contract to build a liquefied natural gas (LNG) pipeline in the country.