POSCO E&C Australia Pty Ltd., an Australian subsidiary of POSCO Engineering & Construction, said on December 3 that it won a US$350-million project to build a cement plant in East Timor. POSCO E&C Australia president Gong Young-pil met on November 29 his counterpart with BGC (Australia) Pty Ltd. Sam Buckeridge at Fraser Suites Perth and received a letter of acceptance from him.
The deal calls for building a Timor-Leste Cement plant 100-percent owned by BGC in Baucau, a city 120 kilometers east of Dili, the country's capital. POSCO E&C Australia will be responsible for the whole process from engineering to procurement and to construction. The length of the project will be 34 months.
East Timor, or Timor-Leste, is a country of 1.1 million population that has become independent from Indonesia in 2002. Its government has been actively pursuing infrastructure development. The cement plant construction project is by far the biggest project sought by the government.
POSCO E&C Australia was established in Perth in 2011 in the Australian state of Western Australia in order to move into the Australian construction market. Late last year, it won a 25-billion-won project to build a workers village at the Roy Hill iron ore mine, followed this year by a 230-billion-won order to build a hotel in Perth.
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