Daewoo E&C wins $1.1 bln deal in Algeria
 

Daewoo Engineering & Construction Co., Korea´s third-largest builder, said Tuesday it has clinched a 1.2 trillion won ($1.1 billion) deal to build a combined cycle power plant in Algeria.

The contract, which was signed with the Algerian state Company of Electricity Generation or SPE on Wednesday, calls for the Korean company to build the power plant with a generation capacity of 1,200 megawatts in Ras Djinet, about 65 kilometers east of Algiers.
 

Construction of the power plant will be completed in February 2016, according to Daewoo E&C.
 

Daewoo E&C said it has bagged overseas deals worth $2.8 billion in the first 10 months of this year.
 

The latest order came a day after Daewoo E&C said its third-quarter net profit jumped 78 percent on-year on a drastic increase in overseas sales. Net profit came to 49.5 billion won for the three months ended Sept. 30, compared with 27.8 billion won tallied a year earlier. (Yonhap)