Koreans to invest $155 million into new port in Russian Far East

Investors from the Republic of Korea will invest 11.8 billion rubles in the construction of the Podyapolsky seaport in the Shkotovsky district of Primorsky Krai, the facility to be located some 60 km from Nakhodka to handle fish and mixed cargoes, reports Megafishnet.com.

According to SakhalinMedia, Korean engineering company Hyein E&C with large experience in port design and development has already completed a preliminary feasibility study of the project. After the construction of the port, Korea will be able to handle a considerable part of the fish flow from the Russian Far East, taking it away from China.

The project involves the creation of a seaport "from scratch". The area of the territory on which the complex will be located will occupy about 50 hectares.

The new port will specialize in transshipment of fish products and mixed cargo with a total volume of up to 1.2 million tons per year. In particular, the project provides for the creation of refrigeration facilities for storage of 25 thousand tons of fish products at any one time.

At the moment, the main fish volumes in Primorye are handled by JSC "Vladivostok Sea Fish Port" (a stevedoring company in the port of Vladivostok). The stevedore can unload up to 2 thousand tons of fish per day.

As previously reported, the Podyapolsky port project received the support of the Ministry of Fisheries and Maritime Affairs of the Republic of Korea in September 2019. Work on the project began last year, but was suspended due to the COVID-19 pandemic.

The implementation of the project was discussed in mid-April at a working meeting of the Minister of the Russian Federation for the Development of the Far East and the Arctic Alexey Chekunkov with the Ambassador Extraordinary and Plenipotentiary of the Republic of Korea to the Russian Federation Lee Seok-pae.