Samsung C&T CEO Oh Se-chul (left) and Rönesans Holding President Erman Ilıcak pose for a photo after signing a highway project deal on Oct. 18, 2024, in Istanbul (Courtesy of Samsung C&T) A consortium of Samsung C&T Corp., South Korean state-run firms and a Turkish builder won a $1.6 billion project to build and run a highway in the country located at the crossroads of Europe and Asia.
Samsung C&T said on Monday that its alliance with Korea Expressway Corp., Korea Overseas Infrastructure & Urban Development Corp. (KIND), the Plant, Infrastructure and Smart City Fund, and Turkey’s Rönesans Holding bagged the deal to build a 31.3 kilometer (19.4 mile) stretch of 4- to 8-lane highway by 2027.
Korean partners are responsible for the construction and operation of the road worth 580 billion won ($420.8 million), with 260 billion won of it for Samsung C&T, according to the company and Korea Expressway Corp.
“We aim to succeed in the business with Rönesans and expand the partnership into Turkey, the CIS and Eastern Europe,” said a Samsung C&T official, referring to the Commonwealth of Independent States.
Samsung C&T, which will manage the highway's design and procurements, expects additional earnings from the project as the Turkish government agreed to give the Korean partners the right to operate the highway for 15 years.
The expressway is forecast to generate more than $4.4 billion in tolls during the 15-year period, according to the company.