KHC to Operate Almaty Ring Road for 16 Years
Korea Expressway Corp. and SK Engineering & Construction announced on May 26 that they will sign a road operation and maintenance contract with BAKAD Investment and Operation LLP, the operator of the Almaty Ring Road project.
The project is to build a 66-km ring road (four to six lanes) in Almaty, Kazakhstan’s largest city with around 2 million residents and 1 million vehicles. The project will cost 900 billion won, which will be financed by a consortium that includes Korea Expressway Corp. and SK E&C, and Turkish companies.
Under the contract, SK E&C will be in charge of the construction part (625 billion won), while Korea Express Corp. will establish a corporation jointly with SK E&C after the completion of the road to carry out its operation and maintenance work (175 billion won) for 16 years.
The project will mark the first time for Korea Freeway Corp. to operate and maintain an overseas road. The company aims to win orders for the operation and maintenance of roads of 1,000 kilometers in overseas countries by 2030.