Sumitomo: $1.48 Billion Deal for Penta-Ocean
Penta-Ocean Construction Co., Ltd. has won a contract from Sumitomo Corporation for the Matarbari Ultra Super Critical Coal-Fired Power Project in southern Bangladesh.
In order to respond to the recent increase of electricity demand in Bangladesh, the country’s largest power plant is to be constructed in Matarbari District, Penta-Ocean said in their announcement.
Under this $1.48 billion contract, Penta-Ocean will dredge a 14km access channel for cargo ships carrying coal, while also handling land reclamation and other preparations for the power plant site.
The construction period is 77 months with an expected completion date in January 2024.
Penta-Ocean has already carried out temporary channel dredging and other preparatory tasks for the Sumitomo-led project, wrapping up the work earlier this year.
Along with Sumitomo, the consortium includes Toshiba and IHI Corporation.