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Ssangyong-led consortium chosen preferred bidder for Busan new port
2007-03-16
A consortium led by Ssangyong Engineering and Construction Co., was picked as the preferred bidder to build parts of a new port in Busan on March 16.
The project, initially proposed by Ssangyong to make the new port as a hub port in Northeast Asia in November 2004 and authorized by the Ministry of Maritime Affairs and Fisheries, calls for the Ssangyong-led consortium to build the second to fourth stages of the project.
The consortium will construct a quayside at a site of 630,000 square meters in the northern area of Gadeok-do, Gangseo-gu, Busan city. Once completed, three 50,000-ton container ships will lie at the quayside.
The contract is worth 411.5 billion won (US$443 million) and calls for the Ssangyong-led consortium to build the quayside from October 2008 to December 2011. The quayside will begin operating from January 2012.
Meanwhile, the project draws keen interest from local communities, big construction companies and shipping firms because of the site’s favorable conditions of location.
As the Ssangyong-led consortium was chosen as the preferred bidder after beating two consortia led by each Hyundai Industrial Development and POSCO, it proves Ssangyong’s capability in construction of large-sized ports, while upgrading the company’s competitiveness in privately-capitalized projects.