Incheon New Port Cold Chain Specialized Zone Priority Negotiator Selected... 490 Billion KRW Investment

Cold Chain Cluster Aerial View [Provided by Incheon Port Authority]

[Asia Economy Reporter Park Hyesook] The priority negotiation target company for the cold chain (a low-temperature distribution system for the production, storage, distribution, and sale of temperature-sensitive products) specialized zone in the Incheon New Port hinterland has been selected.

Incheon Port Authority announced on the 28th that, as a result of the business plan review for selecting tenant companies for 118,650㎡ of the 230,000㎡ cold chain specialized zone, the Belstar Superfreeze Consortium, which submitted an investment proposal last December, was selected as the priority negotiation target.

The consortium includes the US logistics company Belstar Superfreeze, Korea Ultra-Low Temperature, EMP Belstar, Korea Gas Corporation, and Korea Gas Technology Corporation.

This consortium submitted a business plan to invest a total of 496.8 billion KRW to install an LNG cold energy-utilizing frozen and refrigerated logistics center and handle 290,000 tons of specialized cargo annually.

The cold chain specialized zone is a logistics complex that utilizes cold energy at minus 162°C generated from the Korea Gas Corporation’s Incheon LNG receiving base located about 1 km away.

Linked with the continuously growing cargo volume at Incheon New Port, it is attracting industry interest as it can attract not only frozen and refrigerated cargo but also high value-added bio-related cargo.

Incheon Port Authority plans to complete the contract with the Belstar Superfreeze Consortium by August this year after negotiations, and the business operator plans to start construction by the end of this year and begin operating the logistics center by December 2023.

Additionally, the authority separately received and reviewed investment plans for private proposal projects on the remaining land of the cold chain specialized zone and plans to proceed with a third-party public offering process.

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