SK Engineering lands contract in Panama

SK Engineering & Construction Co. (SK E&C), a leading Korean builder, said yesterday that it has secured a $662 million contract to build a thermal power plant in Panama.

Under the deal with Minera Panama, S.A. (MPSA), an affiliate of Canada’s Inmet Mining Corp., SK E&C will build the Paco thermal power plant 120 kilometers (75 miles) west of Panama City, Florida.

The plant to be built in the Punta Rincon region on the Caribbean coast will be made up of two 150-megawatt coal-fired power generation units. Construction will begin in January 2012 with the completion date set for August 2015.

The builder said that all power generated will be used at the Paco copper mine, which is also being developed by MPSA.

SK E&C said the deal can strengthen its market presence and open new opportunities to secure similar contracts in the future.