(MENAFN- Muscat Daily) Oman Oil Co's (OOC) joint venture South Korean electricity generator, GS EPS Co, has officially inaugurated phase three of its ambitious expansion plan, taking the plant's total production capacity up to 1,500MW.
In 2004, OOC acquired a 30 per cent stake in the plant, located in Dangjin, in Pyongtaek region of South Korea, with the remaining 70 per cent owned by GS Holdings.
Mulham al Jarf, deputy chief executive officer of OOC, said, ''This is an important milestone in our power generation investments. It is part of the company's integrated strategy to diversify its growing investments internationally, and it will help us to continue expanding our portfolio in various sectors in emerging markets.''
He added, ''Completion of phase three advances our long-term investment plan and creates new opportunities for future investments similar to the power plant.''
GS EPS owns and operates an LNG-fired combined cycle power plant and ancillary facilities in the Pyongtaek region of South Korea. The plant sells its electrical energy on a take-or-pay basis to Kepco, the state-owned electricity utility in Korea.
Phase 1 of the plant (of 538MW capacity) was commissioned in 2001 and a phase 2 expansion (of 550MW capacity) was commissioned in March 2008.
The next stage of expansion has already begun and will also see the site become one of Asia's largest biomass plants, using a mix of agricultural and associated byproducts. Expected to be completed by the end of 2015, the plant will be capable of generating 2,300MW of electricity including 100MW of biomass production to the three existing LNG fired combined cycle power plants, a press release said.
GS EPS has launched a renewable energy division to research and develop wind power and solar power, enhancing the capabilities of the company in domestic and international energy markets.<
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