ULSAN < invest Korea

According to Yonhap News,

(ULSAN = Yonhap News) SK Gas Ltd., a unit of South Korea's third-largest conglomerate SK Group, said Thursday it plans to tap into the thermal power business by buying into a joint venture.

The company said its board has decided to acquire a 19 percent stake in Goseong Green Power Co.(GGP), a thermal power plant operator, for 171.6 billion won (US$165.3 million).

Korea East-South Power Co., a unit of the state-run Korea Electric Power Corp. (KEPCO), will hold a 29 percent stake in GGP with contributed capital of 903.1 billion won. SK Engineering & Construction Co., SK's construction unit, will own a 10 percent stake.

The remainder of the shares will be held by financial investors, SK Gas said.

GGP plans to build two 1-gigawatt power plants in Goseong, a city 466 kilometers south of Seoul, and start commercial operations in June 2019. The project will cost an estimated 4.5 trillion won and is scheduled to be launched in February.

SK Gas, the largest local importer and distributor of liquefied petroleum gas, earlier said it will is set to build a propane dehydrogenation (PDH) plant with an annual capacity of 600,000 tons in Ulsan, 414 kilometers southeast of Seoul, by 2016.

ksnam@yna.co.kr

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Source Text

Source: Yonhap News (April. 17, 2014)