Korea Electric Power Corp (KEPCO) has signed a contract to sell a used thermal power plant to a US company for $28 million. Under the terms of the deal, IBC Turbine Inc will buy four gas turbines and one steam turbine from the Youngwol heavy-oil fired power plant, 170 km southeast of Seoul, Dow Jones reports.

The 300MWe plant was built in 1978. KEPCO stopped operating the units in March 1998. It plans to build a new station at the site.

IBC will move the units and ancillary equipment to the USA where it plans to refurbish them prior to resale. The Houston-based company specialises in power plant renovation.