• 3 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 5 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 9 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 12 minutes China's Blueprint For Global Power
  • 1 hour EU has already lost the Trump vs. EU Trade War
  • 26 mins Pioneer's Sheffield in Doghouse. Oil upset his bragging about Shale hurt prices. Now on campaign to lower expectations, prop up price.
  • 40 mins Tesla Launches Faster Third Generation Supercharger
  • 37 mins ''Err ... but Trump ...?'' *sniff
  • 3 hours China's Renewables Boom Hits the Wall
  • 2 hours Passerby doused with flammable liquid and set on fire by peaceful protesters
  • 10 hours Who writes this stuff? "Crude Prices Swing Between Gains, Losses"
  • 1 min What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 9 hours Crazy Stories From Round The World
  • 20 hours Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
Oil Giant Stoically Refuses To Pay Ransom

Oil Giant Stoically Refuses To Pay Ransom

Mexico’s Energy Minister Rocio Nahle…

Samsung C&T awarded $3 billion Canadian contract

South Korea’s trading and construction company Samsung C&T Corp., has signed a $3 billion contract to construct wind and solar energy power plants in Canada.

According to the terms of contract with the government of Ontario province Samsung C&T will build 520 megawatt energy farms in the province’s Haldimand and Chatham-Kent southern regions and 550 megawatt complexes in Kingston and Bruce, Yonhap news agency reported. Under the contract terms, South Korea's state-run Korea Electric Power Corp. will also design the facilities’ electrical wiring and operate the plants.

Samsung C&T stated that the contract represents the first two steps of Canada's five-stage projects to build 2,000 megawatt wind farms and 500 megawatt solar power plants in the province and operate them for the next two decades. When complete, the Ontario energy farms are scheduled to supply electricity to 1.6 million households annually, with Samsung C&T beginning work on the first two steps of the project in 2012. Construction is projected to be complete by 2014.
 
In 2010 Samsung C&T Corp committed to invest $7 billion in Ontario under the province's Green Energy Act, a plan by the Liberal government to redirect the province off its primary source of energy, coal-fired power, towards renewable energy,
Samsung investment in Ontario is in exchange for $110 million in subsidies over the next 25 years that economists believe could generate up to 16,000 new jobs.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play