SHINHAN Receives an Additional Order of 500 Million US Dollars from the Libyan Government!
SECO was chosen for a civil engineering project spanning 2,400 ha to build infrastructure for a large scale housing complex in Zliten city, bringing its total orders received since August to USD 908 million!
"This brings the total number of overseas projects Shinhan has received since the company expanded its plant construction business into the overseas market in 1972 to 49 projects."
Shinhan Engineering and Construction Company (Chairman Choon Hwan Kim) has succeeded in garnering an additional infrastructure construction project for a housing complex worth Libyan Dinar (LD) 584,987,754 from the Libyan Government. Shinhansigned the contract with the Libyan Government on October 28, 2007.
This project is in addition to a single contract awarded for the construction of 5,000
housing units in Tripoli signed on August 7. Following rapidly on the heels of the first project, this new project, awarded by the Libyan Government in the area of civil engineering, amounts to about one (1) billion US Dollars.
This project marks Shinhan´s 49th overseas project since the Oil Refinery Plant that Shinhan constructed in Singapore in 1972, the first of its kind for Korea.
This project is scheduled to commence immediately after the signing of the contract. It is a mammoth civil engineering project spanning 2,400 ha in Zliten and includes not only water supply and drainage facilities construction, but also road, and electricity and communications facilities construction.
This second phase project, following rapidly in the wake of the first phase project, is part of a housing facilities improvement project directed by the Libyan Government. Shinhan has also been pursuing the civil engineering projects that will follow not only in the Comms and Tripoli areas, but in other districts as well.
Zliton is located on the shores of the Mediterranean 150 Km east of Tripoli, the capital of Libya, and ranks among the country’s five (5) largest cities along with Tripoli, Benghazi, Misurata and Comms.
This project includes the construction of not only residential facilities such as water supply and drainage, roads, and electricity and communications facilities, but also the construction of large-scale infrastructure facilities in preparation for future redevelopment. After the completion of the infrastructure facilities, these projects will most likely lead to the development of new cities.
Upon being awarded the two projects worth over one (1) billion US Dollars from the Libyan Government, Chairman Choon Hwan of Shinhan said, "The Libyan Government has recently been carrying out large-scale residential facilities improvement projects and we at Shinhan will further boost the standing of Korean construction companies, relying on the reputation created by Shinhan in the Middle East in the past." He continued, "Following this Phase Two project, we at Shinhan will be bidding for other projects in all areas of construction including residential houses, civil engineering works and plants."
Shinhan, a general construction company established in 1968, expanded its plant construction business into Singapore by building an oil refinery in 1972, a first for a Korean construction company. It exported the Unsaturated Polyester Resin Plant on turn-key basis to Saudi Arabia in 1977, also a first in Korea. With the successful completion of these two projects, Shinhan continued to expand its plant construction into Saudi Arabia, Iran, Dubai, the Bahamas, Nigeria, Ecuador, China and the United States. Shinhan now has a record of completing 49 projects in most of the countries of the world and is now rated as one of the top players in the overseas construction market.
In Korea, Shinhan is now engaged in a civil engineering project of constructing the 703 Section of Subway Line 7 and Section 2 of the Seoul-Wonju Line as well as building the IlWoon apartments on Geojae-do, and the MZN apartments in Dongmun-dong, Seosan. Shinhan is also pursuing a large-scale resort project spanning 3,600,000㎡ and will soon break ground for the construction of the Cheonan multi-purpose railway station/shopping mall spanning 185,000㎡, which is expected to yield a profit in the range of USD 860 million. Shinhan is actively promoting itself in all areas of construction such as building, civil engineering, electricity generation and plants. (October 2007)
Source: Shinhan Engineering and Construction PR Team