SEOUL, South Korea, Dec. 24, 2014 /PRNewswire/ -- POSCO E&C (CEO: Tae-Hyun Hwang) announced that the company is appointed as the Preferred Engineering, Procurement and Construction (EPC) contractor for the new terminal, Terminal Zero (T0) at the port of Abbot Point, near Bowen, with an estimated contract value of about 1 billion Australian dollars.
It is a consecutive MOU with Adani Group's Australian subsidiary, Adani Mining, after being appointed last July, as the preferred EPC contractor for Adani's 388km North Galilee Basin Rail (NGBR) that connects Carmichael mine with Abbot Point port, with estimated contract value of about 2 billion Australian dollars.
Construction of T0 is a vital step in ensuring that exports of high quality, cost-efficient coal from mines such as Carmichael in the Galilee can be landed in markets throughout Asia competitively, and at scale. T0 will have a capacity for 40mtpa initially, with an expansion to 70mtpa in its second phase.
Adani Group, India's largest integrated private power, port and infrastructure developer, currently operates power generating facilities with the total size of 9,240MW. It also owns 8 private port, including Mundra Port in India, which is the biggest port of entry for coal in the world.
Adani's Australian Country Head and Mining CEO Jeyakumar Janakaraj said the deal reflected the fruitful partnership already on foot with the NGBR, and the trust both companies had developed in the working together.
"This MOU is the latest in a host of recent announcements that bring our integrated mine, rail and port project closer to first coal in 2017. POSCO E&C is a proven and trusted partner, and we welcome this opportunity to enhance our co-operation with them. From our perspective, POSCO E&C's decision to invest in this key piece of infrastructure reflects the confidence tier one players have in central components of our project such as the port's expansion," Mr Janakaraj said.
"During the past 5 months, Adani and POSCO E&C have strengthened and developed their trusting and respectful relationship through their joint efforts on the Rail Project. Consequently, I am very pleased to say that this relationship now extends to Adani's Terminal Zero Project at Abbot Point Port," said POSCO E&C CEO Tae-Hyun Hwang. "POSCO E&C has a long history of delivering successful projects in the world and we will put our upmost efforts into delivering successful Rail and Port projects for our passionate and innovative partner, Adani."
As one of the leading EPC contractors in Korea, POSCO E&C has experience in number of similar port construction projects, both domestic and international, including the POSCO Coal Storage & Raw Material Handling Facilities in Pohang and Gwang-yang, Korea and Cai-Mep International Port in Vietnam. POSCO E&C is growing into a true global total solution provider by implementing its PEPCOM (Planning, Engineering, Procurement, Construction and Operation & Maintenance) System to projects throughout the globe.
