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Busan Port Authority buys into Russia's Far East

Seoul: Busan Port Authority (BPA) will build and operate a $109m container terminal in Russia - its first overseas investment, reports PortWorld quoting a statement released by the company.

The terminal in Nakhodka will be built by a joint venture company consisting of BPA and three other South Korean companies - Glovis Co., Daewoo Logistics Corp. and Sinokor Merchant Marine Co. The companies will also be working with the Far Eastern Transport Group.

The terminal is expected to be completed in 2010. It will be built in three phases to process 400,000 teu. The first phase costing $21.8m will be able to handle about 150,000 teu will be completed in July next year, seanews.ru reported.

The move by BPA is part of grand scheme to invest in nearby strategic ports to control box flow patterns so that Busan port itself continues to thrive. Other likely investments include a Vietnamese acquisition.  [17/12/07]

 

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