Hanyang Selected as Preferred Negotiation Partner for Private Investment Project at Busan Port New Grain Wharf

Hanyang announced on the 19th that the 'KCTC Consortium,' which it belongs to, has been selected as the preferred negotiator for the private investment project at the Grain Wharf of Busan New Port.

Busan Port New Port Replacement Wharf Bird's-eye View / Image Courtesy of Hanyang

This project, which involves constructing berthing and breakwater facilities on a 75,000㎡ area at Nam Container Wharf in Gadeokdo-dong, Gangseo-gu, Busan, will be promoted through a Build-Transfer-Operate (BTO) model. It entails relocating the Grain Wharf from the existing North Port to the New Port, with a total project cost of approximately 191 billion KRW. The construction period is 33 months, with groundbreaking scheduled for the second quarter of next year and completion targeted for 2026. Hanyang will perform 100% of the construction as the construction investor and will operate the facilities jointly with KCTC after completion.

Hanyang explained that its competitiveness demonstrated through previous projects such as the Yeosu Myodo Port redevelopment, Ulsan Liquid Wharf construction, and Sinan Hongdo Port breakwater construction played a key role in being selected as the preferred negotiator this time.

In addition to ports, Hanyang is also achieving significant orders in the public sector. Following last year's order achievements totaling 290 billion KRW, including the power duct construction in Gangseo area of Busan, this year it secured projects such as the Shinbundang Line Gwanggyo-Homaesil double-track railway Section 3 construction.

A Hanyang official stated, "We continue to secure orders based on our technology and know-how in the port sector," adding, "By strengthening competitiveness in the public sector, we aim to establish a stable foundation and continuously expand our business portfolio to include liquefied natural gas (LNG), hydrogen, and renewable energy."

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