South Korean company signs MOU with Mongolian government to build electrical grids

SEOUL, SOUTH KOREA
18 December 2015 - 11:00am
Jung Min-hee
The Hyosung Corporation has become the nation’s first company to establish an electrical grid in Mongolia, which shows more than 10 percent growth every year.
The company signed a 142 billion won (US$120.29 million) memorandum of understanding (MOU) with the Mongolian Government at Shangri-La Hotel in Ulaanbaatar City, Mongolia, on Dec. 16 to set up two 220 kV substations, transmission lines approximately 315 km-long, and 975 transmission towers. The signing ceremony was attended by Hyosung Vice Chairman Lee Sang-woon and Dashzeveg Zorigt, minister for energy of Mongolia.
With the latest MOU, Hyosung has succeeded in becoming the first mover into the Mongolian power infrastructure construction market. Accordingly, the company now has an advantage over winning the Mongolian government’s power projects, which will be carried out in earnest in the next two to three years. Hyosung is also able to target the Mongolian electricity market, which will have a capacity of 3,090 MW in total by 2030, in earnest.
The company will complete the construction of transmission lines that cross from Ondorhaan in eastern Mongolia to Choybalsan and two substations by as early as 2018, contributing to power industry development and power supply stabilization in Mongolia.
Thanks to mineral resource exports and foreign investments, Mongolia is considered to be a rapidly developing market with annual growth of more than 10 percent. The country has abundant energy resources, such as coal, uranium, solar power and wind power, but the energy industry is generally underdeveloped due to a lack of electrical technologies and infrastructure. Therefore, it really needs social overhead capital investments.
To do so, Hyosung plans to reduce power losses and address the imbalance of power supply and demand by using a static synchronous compensator, of which the company succeeded in the development and commercialization for the first time in the domestic industry, and energy storage system (ESS) technologies for stable and efficient power supplies.
Hyosung Corporation Vice Chairman Lee Sang-woon (2nd from right) poses for a photo with Dashzeveg Zorigt, minister for energy of Mongolia (2nd from left), after signing a 142 billion won MOU at Shangri-La Hotel, Ulaanbaatar, Mongolia, on Dec. 16. - See more at: http://www.businesskorea.co.kr/english/news/industry/13338-electrical-grids-mongolia-hyosung-signs-mou-mongolian-government-build#sthash.dpeL4PDQ.dpuf

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