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According to a statement Korea East-West Power (EWP), the basic agreement for the Yeosu Green Energy power plant was signed on March 18.
Through this agreement, the two companies will begin construction of the LNG cogeneration power plant to provide a stable electricity supply in Yeosu.
EWP said the two companies will utilize their respective expertise to jointly carry out the overall project, including ordering construction work, financing, fuel procurement, and O&M.
Yeosu Green Energy is a special purpose corporation (SPC) with a total of 495 MW of collective energy business license, the statement said.
It supplies heat and power to industrial complexes and residential areas in Yeosu.
Following last year’s acquisition of Pyeongtaek Energy & Power, E1 is expanding its LNG power generation business with the Yeosu project.
The collaboration with EWP is expected to create synergies between the two companies, the statement said.
According to EWP’s website, the firm operates the Ulsan heavy Oil-fired type and LNG combined cycle plant and the Ilsan LNG combined cycle plant.
South Korea is the world’s third-largest LNG importer, and state-owned Kogas operates 77 LNG storage tanks at five LNG import terminals in the country.
According to customs data, in 2024, South Korean LNG terminals took 46.3 million mt, a rise from 44.1 million mt in 2023.
Australia was the biggest supplier last year, with 11.4 million mt of LNG, followed by Malaysia with 6.13 million mt and Oman with 4.72 million mt, the data shows.