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Korean Shinhan Eng. & Const. Co., Ltd. Wins Bids for a Total of KRW 1.7 Trillion in Libyan Government-led Projects!
2008.01.21
 
 


A mid-size construction firm wins 5 bids in a row for overseas development projects for in 4 months!
 
Korean Shinhan Eng. & Const. Co., Ltd. Wins Bids for a Total of USD 1.8 billion in Libyan Government-led Projects!
 
Wins a bid for a 5,000-household apartment development project in Azzawiyah (wins 5 bids in a row)
Expected to win an additional bid for a 10,000-household apartment project after ongoing infrastructure construction is completed in Zliten and Al Khums
 
Korean Shinhan E&C Co., Ltd. has emerged as a key player who brings the winds of change to Libya!
 
Korean Shinhan E&C Co., Ltd. has won a bid for a 5,000-household apartment complex and an infrastructure development project (KRW 750 billion) in Azzawiyah, Libya. On December 4, 2007, the company signed a development agreement with the Organization for Development of Administrative Center (ODAC).
 
Therefore, Shinhan has won 5 bids in a row for Libyan government-led projects in a mere four month time period, including apartment development in Tripoli (SUD 440 million, August, 2007), housing infrastructure development in Zliten (USD 474 million), road development (USD 137 million), and apartment development in Azzawiyah (USD 785 Million). As a result, the company has won bids for a total of USD 1.8 billion in projects, making construction history in Libya.
 
As a part of the Libyan government-led housing improvement project that can be compared to our Saemaeul Movement, this project includes pipe laying (24million) and underground installation path construction. Just one day after this bid was won, Korean Shinhan E&C Co., Ltd. won an additional bid. It seems that Shinhan’s success story is still continuing in Libya.
 
The 5,000-household housing project in Azzawiyah includes the development of housing infrastructure and a sewage treatment plant as well as apartments in a 2.4 million-wide area. In addition, it’s expected that Shinhan will accept the job of developing the College of Information and Telecommunication, College of Pharmacy, faculty apartments, and boys’ and girls’ dormitories in Azzawiyah University and an additional 4,000-household apartment complex.
 
Korean Shinhan E&C Co., Ltd. is scheduled to develop a 5,000-household apartment complex once the housing infrastructure development projects in Zliten and Al Khums are completed. Therefore, it’s very likely that the company will win an additional bid for a 10,000-household apartment development project.
 
Recently, the company has been tied up with telephone calls from construction concerned parties and stock investors.
 
The chairman of Korean Shinhan E&C Co., Ltd. said, “Among the 7 foreign companies (including Shinhan) that have won bids for the Libyan government-led projects, Shinhan was the only one that was qualified for the advance payment guarantee from the local bank, SAHARA Bank, which proves Korean Shinhan E&C’s world-class reputation.” He continued, “In December, about 25% of the contract price of the 1st 5,000-household apartment project in Tripoli will be deposited to our bank account as an advance payment guarantee.” He concluded with a confident tone, “Based on the thorough preparation and safe and accident-free construction, we will make a remarkable success story here in Libya.”
 
The Shinhan construction company was founded in 1968. Since the success of an overseas plant development project in 1972 and a plant turn-key export to Saudi Arabia in 1977 (both are the first for Korea), the company has successfully promoted development projects in many countries such as Saudi Arabia, Iran, the United Arab Emirates, Bahamas, Nigeria, Ecuador, Eritrea, China, and the US. Now, the company is a leading overseas developer with over 50 successful bids (a total of $10 billion).
 
In Korea, Shinhan has participated in the Cheonan Railway Station & Shopping Mall development project (USD 483million, 185,000) after getting approval and permits on November 14, 2007, and public works (section 703 in subway line 7 development project and section 2 in Gyeongwon line development project). In addition, the company won a bid to develop an apartment in Ilun-myeon, Geojedo and completed MZN Apartments in Dongmun-dong, Seosan. It also plans to develop a huge MZN resort (3.6million) in Hoeseong, Gangwon-do (Dec. 2007).
 
<A list of bids won by Korean Shinhan E&C in Libya during 2007>
 
Date
Description
Contract Amount (USD)
Contract Amount (KRW)
Remarks
Aug. 7
5,000-household apartment development project in Tripoli
440,984,000
404,635,893,800
 
Oct. 29
Housing infrastructure development project in Zliten (24 million)
467,990,203
432,890,930,000
 
Nov. 13
Road development project in Al Khums (10.9 million)
137,508,880
127,346,000,000
 
Dec. 3
Pipe laying and underground installation path development project in Zliten
6,298,940
6,017,063,120
 
Dec. 4
5,000-household apartment and housing infrastructure development project in Azzawiyah
785,200,000
750,062,300,000
 
Total
 
1,837,982,023
1,720,952,186,920
 
 
PR Team, Shinhan E&C Co.,Ltd.
 
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