• 3 minutes Natural gas is crushing wind and solar power
  • 7 minutes OPEC and Russia could discuss emergency cuts
  • 11 minutes Is Pete Buttigieg emerging as the most likely challenger to Trump?
  • 11 mins So the west is winning, is it? Only if you’re a delusional Trump toady, Mr Pompeo, by Simon Tisdall
  • 5 mins Fight with American ignorance, Part 1: US is a Republic, it is not a Democracy
  • 8 hours Blowout videos
  • 10 hours Question: Why are oil futures so low through 2020?
  • 4 hours “The era of cheap & abundant energy is long gone. Money supply & debt have grown faster than real economy. Debt saturation is now a real risk, requiring a global scale reset.”"We are now in new era of expensive unconventional energy
  • 7 hours Don't sneeze. Coronavirus is a threat to oil markets and global economies
  • 4 hours CDC covid19 coverup?
  • 13 hours The Arithmetic Of Fracking
  • 19 hours Charts of COVID-19 Fatality Rate by Age and Sex
  • 1 day Shorting Gold
  • 5 hours Who decides the Oil costs?
Oil Trading Giant Sees Oil Price Recovery Later This Year

Oil Trading Giant Sees Oil Price Recovery Later This Year

Commodity trading major Vitol said…

Indonesia’s Oil Output Expected To Fall In 2020

Indonesia’s Oil Output Expected To Fall In 2020

Indonesia’s production of both oil…

Samsung C&T awarded $3 billion Canadian contract

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