9th Jul 2009 16:05
Korean joint venture for international energy-related business opportunities
AMEC plc, the international engineering and project management company, the Korea Electric Power Corporation (KEPCO), the Korea Gas Corporation (KOGAS) and the Korea Development Bank (KDB) have formed a joint venture company to develop energy-related business opportunities and projects in South Korea and internationally. The formation follows the signing of the joint venture agreement in April 2009.
The new joint venture, to be called AMEC Partners Korea Ltd, will be registered in the Republic of Korea and will offer expertise in developing, constructing, managing and operating a wide range of energy projects and facilities. This will include nuclear power, thermal power, gas developments, renewable energy and carbon reduction. It will support the Korean Government's overseas development programme and its investment plans to strengthen the country's security of supply and energy asset portfolio. In addition, the joint venture will play a part in expanding and improving South Korea's engineering and project management consultancy skill base.
AMEC's role within the joint venture will be to provide expertise in consultancy, front end design, engineering, programme and project management, supply chain management, asset operation and maintenance.
KEPCO will contribute expertise in designing, constructing, operating and maintaining nuclear reactors and power generation facilities.
KOGAS is the owner and operator of a national downstream gas infrastructure serving both commercial and domestic customers.
AMEC Partners Korea Ltd will be governed by a seven member Board under the chairmanship of a director nominated by AMEC. AMEC will provide start up capital of £0.3 million in cash and will hold a 54 per cent shareholding in the joint venture. Initial capitalisation of the new company is KRW1.3 billion (£0.6 million) and will increase consistent with the level of activities being undertaken by the joint venture.
Enquiries to:
AMEC plc +44 (0) 20 7539 5800
Sue Scholes, Director of Communications
Neil Jamieson, Director of Investor Relations
Media:
Frank Stokes, Media Relations Manager: +44 (0) 1452 872121
Notes to editors:
AMEC
AMEC (LSE: AMEC) is a focused supplier of high-value consultancy, engineering and project management services to the world's energy, power and process industries. With annual revenues of around £2.3 billion, AMEC designs, delivers and maintains strategic and complex assets for its customers.
www.amec.com
KEPCO, the Korea Electric Power Corporation, is a government-invested, integrated electric utility company in Korea. KEPCO is the only company engaged in power transmission and distribution in Korea. In addition, KEPCO generates approximately 94% of total electricity produced in Korea through its wholly-owned six generation subsidiaries (GENCOs). KEPCO spun off its generation sector and established six GENCOs in 2001 in accordance with the government's restructuring plan in the power industry.
KOGAS, the Korea Gas Corporation, was established by the Korean government in 1983. Since its founding, KOGAS has now grown to become the world's largest LNG importer. As the nation's sole LNG provider, KOGAS is fully committed to providing clean, safe, and convenient energy to its people. In keeping with this promise, KOGAS now operates three LNG terminals and a nationwide pipeline network spanning 2,720km ensuring a stable supply for the nation. KOGAS imports LNG from around the world and supplies it to power generation plants, gas-utility companies and city gas companies throughout the country. KOGAS produces and supplies natural gas, purifies and sells gas-related by-products, builds and operates production facilities and distribution network, and imports and exports natural gas for domestic and overseas markets.
KDB, the Korea Development bank was founded in 1954. KDB has fulfilled its role as a state-owned bank by spearheading the nation's industrial and economic development for over five decades. The Bank has driven remarkable growth throughout the course of industrialisation in Korea.
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