MOU with Indonesian Port Company for US$2 Bil. Project
Sungjee Construction Co. announced on March 15 that it has signed a memorandum of understanding (MOU) with Indonesian state-owned port company PT. Pelabuhan Indonesia 1 (Persero) for joint development of Tanjung Sauh Container Port.
The project calls for building a container port on Batam Island in the southeastern part of Indonesia. The port is scheduled to start commercial operation in 2022. The total project cost is estimated at about US$2 billion.
Indonesia plans to develop Tanjung Sauh Container Port as the biggest logistics hub in Southeast Asia. It will make a massive investment to improve the port's infrastructure and grow it into an industrial center.
The port's business prospect is bright as it has a competitive edge compared with the Singapore port, which is only 40 km north of Batam Island.
"We are hoping that the largest port development project in Indonesia will help us secure a high growth and profit base," an official of Sungjee Construction said. "We will make more efforts to win overseas construction contracts based on this project."