Project for Kwangyang ahead of schedule

MOMAF launched the Kwangyang third stage port development project, slotted for the beginning of next year, ahead of schedule.

The Ministry of Maritime Affairs and Fisheries said Jan. 21 that the Korea Container Terminal Authority will select an operator in charge of 7 berths at the Port of Kwangyang in second stage development. This operator, chosen by public notice, will also have preferential rights to negotiate 4 berths in the third stage of the project. Thirty percent of the 1.1 trillion won construction budget will be introduced through private capital.

Domestic industries such as Dongbu Construction and Hyundai Marine Merchant and overseas ones such as P&O Ports, Maersk-Sealand, and Hutchison Ports Holdings, may join in the formation of a consortium or act singularly.

MOMAF will finish 4 berths in the second stage of the Port of Kwangyang project in the end of this year, with another 4 berths in the second stage in 2003, 4 berths in the third stage in 2006, and another 3 berths in 2008.

An official from MOMAF said that they are expecting increases in cargo traffic at the Port of Kwangyang to reach 1.86 million TEU this year, 4.85 million TEU in 2006, 9.32 million TEU in 2011, and 12.16 million TEU in 2015.