posco AMERICA

- POSCO E&C recently signed a $650 million EPC (Engineering, Procurement & Construction)

- contract with AES, a U.S. power company, to construct both combined cycle power plant (CCPP) and gas terminal in Colon, Panama.

POSCO E&C constructs combined cycle power plant and gas terminal in Colon area

The power generation capacity of Colon CCPP, 380MW, is the largest scale in Panama. This plant is lo-cated in Colon which lies near the Atlantic entrance to the Panama Ca-nal and is about 60km north of Pana-ma City, the capital of the country.

POSCO E&C will also construct a gas terminal with storage capacity of 180 thousands㎥.

Power produced from the ColonCCPPcan be supplied to around150thousands households simul-taneously, which will ensure a stable supply to the industrial com-plex near the Panama Canal and Colon area.

Despite weak global economic conditions, POSCO E&C won orders worth $5.6 billion in Latin America within 10 years

POSCO E&C has been highly praised for the proven quality of power plant construction tech-nology in Latin America over the past decade. The company was awarded the contract after a fierce competition against prominent EPC companies.

Despite tough market condition including low oil prices, POSCO E&C clinched the deal following a series of orders won in the Philippines and Chile last December. This achievement is expected to solidify POSCO E&C as one of the major players in energy plant market in Latin American region.

Meanwhile, POSCO E&C made its first inroad into the Latin America in 2006, with the construc-tion of a coal-fired power plant (CFPP) in Ventanas, Chile, which was awarded by AES. It was the first time for a Korean construction company to build a power plant in Latin America. Since then, POSCO E&C successively won construction contracts of Campiche and Angamos CFPP in Chile (2007) and Kallpa and Chilca Uno CCPP in Peru (2009), achieving total value of $5.6 billion, finally 10 years after entering into the energy plant market in Latin America.