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South Korean firms to build ferry shipyard in Indonesia

South Korean firms to build ferry shipyard in Indonesia

Seoul: Two South Korean companies are set to sign a tentative agreement with an Indonesian government-run firm on Monday on a shipbuilding project that could be worth up to $2 billion, Reuters writes quoting unnamed sources with knowledge of the deal.

Under the deal, Samsung C&T and 21st Century Shipbuilding Co are to help PT Indonesian Ferry construct a shipyard in Indonesia and build some 1,000 ferry boats over the next five years, the sources claimed.

They said the three companies plan to sign a memorandum of understanding on the deal on South Korea's resort island of Jeju on the sidelines of summit meetings between South Korea and the Association of Southeast Asian Nations (ASEAN) countries.  [03/06/09]