Hyundai Engineering and Construction will invest up to $540 million to develop the Port of Slavyanka in eastern Russia, including the construction of a multipurpose terminal, in partnership with Russian logistics company Berkut.
According to the Far East Investment Promotion and Export Support Agency, the developed port will be an “anchor project” for the Primorye-2 International Transport Corridor, which is part of China’s New Silk Road.
The developed port will be built on 131 hectares and will include a new liquefied natural gas (LNG) terminal which will have an annual capacity of one million tonnes.
The nearby Slavyanka shipyard will also be repaired and new container and grain berths built as part of the project.
In total, officials estimate the new port to be worth approximately $5.9 billion for Russia’s far east region.
Leonid Petukhov, Director General of the Far East Investment Promotion and Export Support Agency, described Primorye-2 as an “investor-sponsored development project” in which Russian and Korean companies will jointly participate.
Korea will gain greater access to the Russian market, Petukhov said, while Russia’s service sectors will modernize.