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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Samsung C&T has won a $1.6 billion (approximately 2.196 trillion KRW) highway construction project in Türkiye. The project will be carried out as a public-private partnership (PPP), with a Korean consortium, including Samsung C&T, operating the highway for 15 years before transferring it to the Turkish government.
Samsung C&T announced on the 21st that it, alongside Korea Expressway Corporation, the Korea Overseas Infrastructure & Urban Development Corporation (KIND), and the government-backed PIS fund, formed a consortium to partner with Turkish construction firm Rönesans. They will participate in the investment and operation of the Nakasi-Basaksehir Highway in Istanbul.
This project covers Section 8 of the Northern Marmara Highway, connecting the southern city center near Istanbul’s new airport to Europe. The project includes constructing a 31 km, 6-8 lane highway with a suspension bridge, scheduled for completion in 2027. The Turkish government will grant the Korean consortium operating rights for 15 years post-completion, guaranteeing minimum traffic volume and toll fees in euros.
Samsung C&T will handle design and procurement for the highway construction and, through equity investment, will join the operation with Korea Expressway Corporation and KIND after completion. The total project cost is estimated at $1.6 billion, with expected toll revenue exceeding $4.4 billion over 15 years. Samsung C&T anticipates earning construction revenue of 260 billion KRW along with additional operational profits, as it expands into investment development projects beyond construction.
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
