쌍용건설

-$90 million project
Expected to lead to other works in Southwest Asian markets, including the work expansion of Karachi Port
As a joint venture with a local business… Minimizing initial risks


Ssangyong E&C（Chairman&CEO Kim S.Joon）reported that it recently won the work for Reconstruction of Berths 10-14 at East Wharves of Karachi Port at $90 million (= 85 billion won).

A country with the population of 150 million and the land size about eight times that of South Korea, Pakistan is regarded as a promising construction market in that part of the world. It plans to invest $8.8 billion in construction of highways in the 2006-2014 period with international loans.

The largest city in Pakistan located on the southern tip of the country facing the Arabian Sea, Karachi has a population of 13 million. Karachi Port is the largest port in Pakistan with the cargo handling capacity of 1.17 million TEU.

Ssangyong E&C had won the contract for the work for expansion of Berths 10-14 at $90 million from the Karachi Port Trust, which later asked for revision of the work scope following destruction of nearby berths due to the torrential rain last August.

This is expected to put Ssangyong in an advantageous position to win the $90 million work for expansion of Berths (14~17). The work period will be for 24 months.

A Ssangyong E&C official said, “We will carry out the work as a joint venture with Us-mani Associate Ltd., whose President assumes the position of the Chairman of the Pakistan Contractors Association. We will be able to manage the work process with a relatively few number of people and minimize initial risks. The work is our first project won in Pakistan and in the sector of overseas ports. We expect that it will lead to other work in Southwest Asian markets.

Last September, the Company won a contract to build the $686 million Marina Bay Sands Hotel in Singapore, which will be the largest architectural project in the history. The company has built more than 12,000 hotel guestrooms, ranking the second in the world as a contractor in this area. Recently, it is making a rapid growth even in the civil engineering sector.

At present, the Company is carrying out the work on the North-South Corridor highway in India (Sectors 5, 6, 8 and 9 out of the five sectors), Aceh Road/Bridge Reconstruction and Rehabilitation in connection with the damage caused by the tsunami attack in Indonesia and Exxon Mobil SPT Temporary Facilities in Jurong Island, Singapore. It has won a total of $6.3 billion worth of projects outside of Korea.