أخبار الشركة
Ssangyong E&C signed an agreement for private capital investment in the Incheon North Port
2005-07-13
-It is a 113.9 billion KRW project that involves six investing firms consisting of 3 construction and 3 operating firms.
- It is expected to play the role of a core logistics base for the Greater Seoul area and as a leading port for Korea’s trade with China.
- Ssanyong E&C has emerged as a leader in port construction projects. This is shown in Sinseondae with the Busan Port, in Daepo with the Sokcho Port and with the Gunsan-Janghang Port.
The president Kim Suk Jun of the Ssangyong E&C said on July 7th it singed an agreement for the implementation of a private capital investment project for the 113.9 billion KRW three-berth general wharf at Incheon North Port along with the Maritime Minister Oh Geo-don and Ssangyong Chairman Kim Suk-Jun, including the other representatives of the six investing firms.
The 113.9 billion KRW project will secure 83.2 billion KRW from private capital and 30.7 billion KRW from government subsidies. It will comprise of three berths for the 20,000-ton class vessels and ancillary facilities.
The six investing firm-consortium consists of three construction firms. They include the consortium leader Ssangyong E&C, which will comprise of 38%, Bando( 27%), and Geumgwang (5%). Three operating firms will also be included. They are Union Transport, Youngjin Enterprises and Sunkwang. They will each comprise of 10% respectively. The work will commence in October 2005 and will be scheduled for completion in March 2009. It will have a consortium’s operation of 50 years.
The wharf is expected to play the roles of a core logistics base for the Greater Seoul area and as a leading port with a great potential for Korea’s trade with China, which emerges as a logistics center of the world.
The consortium plans to install ultra-modern facilities and adopt differentiated service systems. This is in addition to making continued efforts to secure stable volumes of cargo that are handled at the wharf through positive marketing activities toward the Chinese businesses.
Business watchers say that the project will add to Ssangyong E&C’s prestige as a business leader in port construction. The company became the first domestic construction contractor to win the Gold Industrial Medal from the government for its distinguished role in the 50,000-ton class container wharf Sinseondae of Busan Port. It was the largest of its kind in Korea. It also participated in the construction of ports in Asan, Bukpyeong and Daepo, which is the first port in Korea with multi-functions (i.e. a fishing port as well as a tourist resort).
In 2004, Ssangyong submitted a private business proposal for the Busan New Port Phase 2-4. It was selected as an investor/contractor for the private capital portion of the Incheon North Port in 2005. This was in addition to being selected as the preferential bidder for the developmental projects of the Gunsan-Janghang Ports.