SEOUL, January 27 (AJP) - South Korea's LS Cable & System has won a turnkey contract worth about 60 billion won ($41 million) from Malaysia’s national utility, Tenaga Nasional Berhad (TNB), to build a subsea power transmission network.
The project involves expanding a 132-kilovolt subsea power link between Malaysia’s mainland and Langkawi Island, a major tourist destination, to enhance the stability of electricity supply, the company said on Tuesday.
LS Cable & System secured the contract after beating multiple global competitors, winning the second phase of the Langkawi subsea cable project following the successful completion of the first phase. The company attributed the achievement to trust built through the earlier project and its overall competitiveness in turnkey execution.
Countries in Southeast Asia are advancing large-scale subsea grid projects as part of the ASEAN Power Grid (APG) initiative, which aims to interconnect national power systems across the region.
Industry estimates cited by the company project the global subsea cable market will grow to about 34 trillion won by 2030, with the Asia-Pacific region accounting for roughly 20 trillion won of that total.
LS Cable & System said it plans to leverage the Malaysia project to strengthen its overseas track record.
“Based on our proven turnkey capabilities, we aim to successfully deliver backbone grid projects at home and abroad and strengthen our leadership in the subsea cable market,” the company said in a press release.
* This article, published by Aju Business Daily, was translated by AI and edited by AJP.
Copyright ⓒ Aju Press All rights reserved.
