Korean company signs MoU with Egypt on $200M project

South Korea: South Korea’s trading firm Daewoo International Corp. signed a memorandum of understanding with the Egyptian government on electric power transmission and distribution procurement for $200 million.

This infrastructure project includes building four to five units of 500 kV gas insulated switchgear (GIS) substations, with power transformers and associated electrical equipment, in the town of Zagazig, Egypt, reports Pulse.

The construction of power transmission grids and equipment will be jointly performed by Daewoo and Hyundai Heavy Industries.

Daewoo will finance and head the project while Hyundai Heavy Industries will supply equipment and facility.

Source: Pulse

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