Incheon New Port 'Cold Chain Specialized Zone' Seeks Investors Through Private Proposal Project

230,000㎡ Scale, LNG Cold Energy Utilization Ultra-Low Temperature Logistics Complex Construction
First Proposal Submission by Participating Companies Next Month, Third-Party Announcement in September

Incheon New Port Hinterland 'Cold Chain Cluster' Bird's-eye View [Provided by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] Incheon Port Authority has launched a call for private investment companies for the 'Cold Chain Specialized Zone' in the Incheon New Port hinterland.

The authority announced on the 19th that following the Ministry of Oceans and Fisheries' designation of the Incheon New Port hinterland as a Cold Chain Specialized Zone, the method for selecting operators has been changed from public bidding to private proposal projects, and it is now accepting investment proposals from private companies wishing to establish an ultra-low temperature logistics complex utilizing LNG cold energy.

Since 2018, the authority has been promoting the 'Cold Chain Cluster' as a key project but failed twice to attract companies due to either bidding failures or lack of qualified tenants.

However, with the Cold Chain Cluster designated as a specialized zone allowing autonomous determination of the operator selection method, the authority analyzed past failures and changed the process to enable private companies to freely propose projects.

By moving away from the existing performance-oriented evaluation system and focusing on future investment potential, the authority expects to attract larger-scale investments.

The Cold Chain Cluster is an eco-friendly future energy utilization project that recycles ultra-low temperature cold energy generated during the LNG vaporization process at the Korea Gas Corporation LNG receiving terminal in cold storage and refrigerated warehouses within the hinterland.

Previously, the cold energy generated during gas supply from the LNG terminal to demand sites was wasted, but by utilizing waste cold energy in cold storage and refrigerated warehouses within the hinterland, electricity costs can be reduced by more than 50% compared to conventional mechanical warehouses, and equipment investment and maintenance costs can be significantly lowered.

Companies wishing to participate in the private proposal project can submit a preliminary consultation application for 20 days starting from the 1st of next month, consult with the port authority, and then submit their initial proposals. If deemed qualified after review, they will receive additional points in the final investor selection process.

The authority plans to issue a third-party announcement based on the same criteria as the initial proposal submission companies as early as September and select the final investment company within the year through evaluation.

The Cold Chain Specialized Zone (230,000㎡) is expected to handle cargo in connection with the rapidly growing Incheon New Port terminal and attract high value-added cargo such as frozen/refrigerated goods and bio-products by applying new technology that recycles cold energy at minus 162℃ generated from the nearby Korea Gas Corporation Incheon LNG receiving terminal, making it environmentally friendly.

An official from Incheon Port Authority urged, "The announcement includes the schedule for the private proposal project, qualifications, preliminary consultation methods, proposal submission procedures, third-party public offering, and facility construction conditions, so companies interested in private investment need to carefully review the details."

This content was produced with the assistance of AI translation services.