Ulsan New Port receives investment for wharf extension and facilities

MOMAF (Ministry of Maritime Affaires & Fisheries) signed an agreement for Ulsan New Port stage 1-1 development with a private investment business on March 22 at the Lotte Hotel , Seoul.
At the ceremony, 100 people attended including Jang Seung Woo, minister of MOMAF, Ulsan mayor, Park Maeng Woo, Hyundai Development Company president, Lee Bang Joo, and Daewoo E&C president, Bak Se Heom. Minister Jang said in a congratulatory address, "I think Ulsan New Port holds an important position in southeastern Korea," and added, "The government will support this business with all its might to operate smoothly."
The Ulsan New Port stage 1-1 business is working towards a 1.2 km wharf extension and operating facilities construction at a cost of 255.7 billion won. Ulsan New Port Container Terminal Ltd. consists of 6 private companies including the Hyundai Development Company and will start construction next month with completion scheduled for the end of 2008.