Nov 7 (LNGJ) - South Korean conglomerate HDC Group is planning a joint venture with Hanwha Energy Corp. for a natural gas-fired power plant in the southeast coastal city of Tongyeong and using LNG imports. HDC plans to build and operate the 1,000-megawatt gas-fired plant and would also construct a 200,000 cubic metres capacity LNG storage tank.
Under the deal, Hanwha will supply LNG for the plant and both parties would develop the project jointly with 1.4 trillion Korean won ($1.2 billion) of investment. HDC was awarded a government licence in 2013 to operate in the power sector. The group said the construction of the plant is expected to start in 2021 with commercial operations from 2024.
