South Korean construction firm Posco E&C has been awarded a $650m engineering, procurement and construction (EPC) contract for a 180,000 cubic metre LNG terminal and an associated 380 MW combined-cycle power plant at Colon in Panama.

The company is set to build the combined cycle power plant, which is expected to be the largest of its kind in Panama according to local news reports.

The plant will generate electricity required to meet the energy needs of around 15 million households. It will also ensure a stable supply to the industrial complex near the Panama Canal and Colon area.