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POSCO Energy pushes to build off-gas plant in Iran

All News 15:27 February 29, 2016

SEOUL, Feb. 29 (Yonhap) -- POSCO Energy Co., a unit of South Korea's top steelmaker POSCO, said Monday it has signed a memorandum of understanding with Iranian steelmaker PKP to build an off-gas power plant in the Middle Eastern country.

POSCO Energy signed the preliminary deal to build the 500-megawatt power plant that uses byproducts from the steel making process in Iran's Chabahar free economic zone.

The company will also team up with the state-run Korea Electric Power Corp., and POSCO's construction unit to build a desalination facility that can produce 60,000 tons of purified water a day.

The agreement was reached during a bilateral business forum held in Tehran to forge closer economic ties after international sanctions on Iran were lifted last month.

POSCO expected the project could pave the way for entering the energy market in Iran, which is pushing for large-scale infrastructure development projects to rebuild its economy.

ejkim@yna.co.kr
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