(ATR) The Korea Electric Power Corporation (KEPCO) becomes the first Korean public enterprise to sign on as an official partner of PyeongChang 2018.
The PyeongChang Organizing Committee (POCOG) called the investment "substantial" in a statement on Aug. 23. According to The Korea Times, KEPCO and its affiliated entities will give $70 million to help fund the Winter Games this February.
KEPCO could be the first of many public companies to give money to the Olympics, spurred on by South Korean President Jae In Moon’s recent call for state-owned enterprises to show their support for PyeongChang 2018.
"Today marks an important day for recognizing the growing support and passion in our country for the PyeongChang 2018 Winter Games," POCOG president Hee-beom Lee said.
"We are keen to work with a partner who shares our vision and values around sustainability and we have this with KEPCO and look forward to working with them until the end of the Games."
As part of the deal, KEPCO will receive full marketing benefits including use of the official PyeongChang 2018 logo and a promotional booth at the Olympic Plaza and Olympic Park during the Games.
"We are proud to be powering the world’s largest winter sports event, helping to ensure the success of PyeongChang while supporting the vision of the Organizing Committee with their sustainability efforts," said KEPCO CEO and president Hwan-eik Cho.
KEPCO has been providing electricity utility services in the venues and temporary facilities for POCOG but had until now stayed away from helping fund the Games.
The push from President Moon could result in Korea Gas Corporation and other state-owned firms joining KEPCO in funding the PyeongChang Winter Games.
Written by Gerard Farek
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