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SsangYong picked as preferred negotiating partner for Yeongcheon-Sangju expressway construction project
2006-11-23
A consortium including SsangYong E&C was chosen on November 23, 2006 as the preferred negotiating partner for a project to construct an expressway linking Yeongcheon, and Sangju, North Gyeognsang Province. The client of the project is the Ministry of Construction and Transportation.
The BOT-type project will cost a total of KRW 1.16 trillion (SsangYong holding 4.72 percent stake, or KRW 55 billion). The project involves the construction and operation of a four-lane, 23.4-meter wide expressway extending 90 km, which will link Bukak-myeon, Yeongcheon City in North Gyeongsang Province along the Gyeongbu Expressway with Nakdong-myeon, Sangju City, along the Cheongwon-Sangju Expressway.
When completed, the expressway will ease chronic traffic congestion at the Daegu section of Gyeongbu Expressway, and reduce the travel distance between Yeongcheon and Cheongwon by 37.9 km.
The project will be carried out for 60 months from January 2008 to December 2012, and the consortium will operate the expressway for 30 years from January 2013 to 2042.