Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

Busan Port Authority buys into Russia's Far East

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, 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]