South Korea's Daewoo Engineering and Construction Company has bagged a 510 billion won ($438 million) contract to build a power plant in Libya.

The deal was signed between Daewoo and the General Electricity Company of Libya. Daewoo will complete building the plant by May 2013 in Zwitina in southeastern Libya, it said in a statement Friday.

The deal came amid worsening diplomatic ties between South Korea and Libya over a spying case, which could disrupt projects by South Korean firms in that country.

About 20 South Korean builders, including Hyundai Engineering and Construction Co., have construction projects worth a combined $9.2 billion in Libya.

--IANS/WAM

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