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![[Editorial] Anticipated setback](/_next/image?url=https%3A%2F%2Fall-logos-bucket.s3.amazonaws.com%2Fkoreaherald.com.png&w=48&q=75){kind=small}
Korea Herald
30-04-2025
- Business
- Korea Herald
[Editorial] Anticipated setback
Politically motivated project to build airport on island of Gadeokdo hits snag A state project to open a new airport early on Gadeokdo, an island in Busan, has run into a glitch. A consortium led by Hyundai Engineering & Construction, the preferred bidder for the project, submitted the basic design plan to the Ministry of Land, Infrastructure and Transport on Monday. The key point of the plan is that the construction period needs to be extended to nine years from the seven years the government required in the notice of tender. It also said that the 10.5 trillion won ($7.3 billion) budget for site construction should be increased by 1 trillion won. The government demanded in its notice of tender that a runway and a terminal should be built first to open the airport by December 2029 and that the whole project should be completed within seven years after the start of construction. The consortium effectively said those goals are impossible to achieve. This was anticipated to some extent. In 2016, when the Park Geun-hye administration was looking for a new airport site in the southeastern region of the country, Gadeokdo was appraised as the least suitable among three candidate sites and was thrown out. But a plan to build a new airport on the island was resurrected thanks to political populism. In 2021, ahead of the Busan mayoral by-election, the two main political parties utilized the Gadeokdo New Airport project as a means to win the hearts of voters. The then-ruling Democratic Party of Korea pushed for a special law to build the airport. Though the island had been evaluated as unsuitable for an airport, the then-opposition People Power Party went along with the ruling party so as not to lose votes. A special law fraught with favors including exemptions from preliminary feasibility tests was enacted. The Yoon Suk Yeol administration moved the target date of the airport opening up to December 2029 from June 2035 in a bid to win the race to host the 2030 World Expo in Busan. The construction period was reduced by as much as five years and six months. The curtailment was excessive in view of common sense. The Land Ministry modified the airport construction plan to meet the drastically advanced deadline. It originally planned to build the whole airport on land reclaimed from the sea, but revised the plan to build part of the airport on the island and part of it on the reclaimed area. The government revived a method that it had excluded out of concerns that a foundation that stretches across land and sea risks settling unevenly. Bidding failed several times last year due to a lack of interest. Difficult construction involving reclamation works and the tight schedule discouraged builders from tendering bids. Hyundai E&C was selected as the preferred bidder without competition, but it is demanding what amounts to a renegotiation of the construction period and budget. Hyundai E&C might forfeit its preferred bidder status. But if its bid fails, it would still be difficult to find an alternative. The possibility of the Gadeokdo New Airport project being protracted or drifting cannot be excluded. From now on, government officials and legislators should set aside political considerations and face reality. Korea lost the bid to host the World Expo. The reason to hasten the construction has vanished. Unless the special law is abolished or revised, the airport must be built as stipulated by the law. Experts' opinions and judgment should be prioritized in any circumstance. The conditions of the site and the capabilities of construction companies should be reviewed. The construction period and method also need to be reconsidered. Steps to ensure the safety of air passengers, among other factors, should be examined again to prevent the recurrence of an accident like last year's deadly airplane crash at Muan International Airport in South Jeolla Province. The likely delay of the Gadeokdo airport opening is a consequence of overturning a conclusion merely for political gain. It reminds us that national infrastructure projects should not be swayed by political populism.
Korea Herald
30-04-2025
- Automotive
- Korea Herald
Hyundai E&C recognized as No. 1 overseas builder with $140b milestone
Hyundai Engineering & Construction announced Wednesday that it received the highest honor in overseas construction from the Korean government, recognizing its cumulative overseas orders exceeding $140 billion. The award was presented at a ceremony celebrating the landmark achievement of $1 trillion in total overseas construction contracts secured by Korean companies. Hosted by the International Contractors Association of Korea and sponsored by the Ministry of Land, Infrastructure and Transport, the event was held Tuesday at the Construction Association of Korea headquarters in Gangnam, southern Seoul. There, Hyundai E&C was recognized as the only company to have surpassed $100 billion in overseas contracts. Korea's construction industry first entered the global market in 1965 when Hyundai E&C won the Pattani–Narathiwat Highway project in Thailand. Since then, the industry has evolved into a key pillar of the nation's economic growth, joining semiconductors and automobiles in surpassing the $1 trillion mark in cumulative exports. During the ceremony, Hyundai E&C was honored for its significant global contributions, having executed more than 850 projects across more than 60 countries, with total overseas orders amounting to $146.2 billion, which is approximately 14.5 percent of Korea's total overseas construction volume. Commemorating 60 years of overseas construction, four of Hyundai E&C's projects were selected among the "Top 10 Overseas Projects," a symbolic recognition of Korea's most iconic international achievements. These included the pioneering Pattani–Narathiwat Highway in Thailand; the Jubail Industrial Port in Saudi Arabia, which marked the beginning of the Middle East construction boom; the South Pars Gas Field Plant in Iran, once the world's largest of its kind; and the Barakah Nuclear Power Plant in the UAE, Korea's first overseas nuclear project. 'Hyundai E&C's unparalleled global track record stems from the bold spirit of challenge passed down from our late founder Chung Ju-yung,' said a Hyundai E&C official. 'We've built a legacy of 'firsts' and 'bests' across deserts and polar regions. As we carry forward our 60-year journey, we remain committed to expanding the frontier of K-construction and building a sustainable future, with the goal of reaching $2 trillion in overseas orders.'
Korea Herald
27-03-2025
- Business
- Korea Herald
Hyundai E&C lifts Korea's heaviest petrochemical equipment into place
Hyundai Engineering & Construction announced Thursday that it has successfully installed Korea's largest propylene fractionator at S-Oil's Shaheen ethylene facility construction site in Ulsan. The newly installed fractionator, a key component in propylene production, stands 118 meters tall, has a diameter of 8.5 meters and weighs 2,370 metric tons — making it the heaviest piece of petrochemical equipment ever built in the country. Hyundai E&C transported the massive structure, equivalent in height to a 50-story apartment building, from the unloading dock to the construction site. The company successfully erected it in just 14 hours using a tower lifting system. The Shaheen Project is a 9.3 trillion won ($6.8 billion) investment to build advanced petrochemical facilities, aimed at strengthening the oil refiner's growth drivers. The project, located within the Onsan National Industrial Complex, spans 880,000 square meters, an area roughly the size of 120 soccer fields. As the lead contractor, Hyundai E&C is executing Package 1 of the ethylene facility construction in collaboration with Hyundai Engineering and DL E&C. This package includes the construction of the world's largest steam cracker, incorporating thermal-crude-to-chemical technology, or TC2C, that directly converts crude oil into petrochemical feedstocks. Beyond the propylene fractionator, the cracking heater measures 68 meters in height and weighs 3,200 tons. The heater plays a vital role in breaking down raw materials such as naphtha and LPG through thermal decomposition to produce ethylene and propylene. According to Hyundai E&C, the project's civil engineering phase alone requires 333,749 cubic meters of concrete — equivalent to the load carried by 60,000 ready-mix concrete trucks. Additionally, 98,634 tons of steel will be used, enough to construct 14 Eiffel Towers, as told by the company. Hyundai E&C is committed to ensuring the world's first commercial operation of TC2C technology. With construction over 60 percent complete, the company plans to finish steam cracker installation in the first half of the year. Once operational, the facility will produce 1.8 million tons of ethylene annually, along with other key petrochemicals. Trial operations will start in the second half of this year. Following the Shaheen project's completion in the first half of 2026, commercial production of ethylene, basic petrochemicals and polyethylene is expected to begin in the second half of the year. "Despite the enormous scale, Hyundai E&C's extensive global project experience and EPC expertise have enabled us to stay ahead of schedule," a Hyundai E&C official said. "We are confident that we will complete the project by June next year, setting a new milestone in Korea's petrochemical plant construction industry."
Korea Herald
27-02-2025
- General
- Korea Herald
[Editorial] Fix safety loopholes
A collapsed bridge and other disasters show the cost of inaction for Korea's safety oversight A bridge collapse at a highway construction site in Anseong, Gyeonggi Province, has once again exposed the nation's persistent safety failures. On Tuesday morning, several slabs fell from a bridge under construction on the Seoul-Sejong expressway, killing four workers and injuring six others. Emergency personnel rushed to the scene within minutes, mobilizing helicopters, fire trucks and more than 140 firefighters. Yet for four individuals, the rescue came too late. Hyundai Engineering & Construction, which is in charge of the construction, expressed condolences and pledged full cooperation with investigators. Fire authorities suspect that the process of transferring beams between piers may have played a role in the collapse, though the exact cause remains under investigation. The tragedy has confirmed a disconcerting pattern of industrial and infrastructure-related disasters that stem largely from South Korea's problematic safety oversight. The swift deployment of emergency responders, while commendable, is no substitute for a regulatory framework that prevents such disasters from occurring in the first place. Korea has long prided itself on its rapid industrialization and infrastructural advancements, transforming itself from a war-torn economy into a global economic player. However, a string of deadly accidents, ranging from aviation and maritime disasters to factory fires, continues to raise troubling questions about whether the nation's poor safety records have kept pace with its economic progress. On Dec. 29, a Boeing 737-800 jet operated by Jeju Air on a flight from Bangkok and scheduled to arrive at Muan International Airport, skidded off the runway after its landing gear failed, slamming into a concrete structure, killing 179 people on board. The worst aviation disaster in decades was followed by a construction site blaze in Busan that killed six people and injured 25 on Feb. 14. At sea, multiple fishing vessels sank, leading to further loss of life. Given that these tragic incidents continue to occur with alarming regularity, experts point out a systemic issue rather than a mere series of unfortunate events. More troubling than the accidents themselves is the government's predictable and ineffective responses. Each new disaster triggers a flurry of official statements, emergency task forces and sweeping policy proposals. Following recent tragedies, the administration convened a meeting to review national safety, outlining measures to address safety oversight across airports, maritime operations and construction projects. A nationwide inspection of 3,000 construction sites was announced, yet within days, the Anseong bridge collapse occurred, highlighting the chronic problems with the government's stopgap measures and undercutting public trust in overall safety. Worse, political turmoil has exacerbated the safety problem. Korea's leadership has been in a precarious vacuum since President Yoon Suk Yeol was impeached for his short-lived martial law imposition last December. This has put the nation's disaster response in a state of suspension, leaving citizens wondering who, if anyone, is steering the country through these disasters. To deal with the safety issue, Korea needs more than post-accident damage control. It must undertake a fundamental overhaul of its regulatory and enforcement mechanisms, ensuring that safety standards are not just set but rigorously upheld. Companies must be held accountable for safety lapses. Regulatory bodies must be empowered with stronger enforcement capabilities. Above all, safety must be ingrained as a national priority, not an afterthought hurriedly discussed only in the wake of catastrophe. Large-scale accidents may never be entirely preventable, but the frequency of such tragedies can be reduced through stricter government safety policies and strong safety measures by companies. The collapse of a bridge in Anseong is not merely a structural failure; it lays bare a broader failure of the country's safety system that is in urgent need of repair.
Yahoo
25-02-2025
- Business
- Yahoo
Palisades owner touts ‘ultra-safe' small modular reactor
COVERT TOWNSHIP, Mich. (WOOD) — Holtec International says it intends to build the United States' first small modular reactors at the Palisades nuclear power plant in Covert Township. 'We're here to officially launch our SMR program to deploy America's first small modular reactor, our SMR-300, by 2030,' said Rick Springman, president of Global Clean Energy Opportunities with Holtec, during a Tuesday news conference at the Palisades plant. 'The first SMR-300 units will be constructed at this very location where you all sit today, right here in Covert, Michigan.' Holtec, which owns Palisades, has been working to reopen the plant after it closed in May 2022. Last year, the federal government announced the approval of a to support the reopening of the plant, which would mark the first restart of a closed nuclear reactor in U.S. history. 'This site is now undeniably ground zero for the nuclear renaissance,' Springman said. An inside look at work to restart Palisades nuclear plant He described the SMR-300 as a new piece of technology that's 'smaller, inherently safe and easy to build.' Holtec, which has been working for more than a decade to develop the technology, says one reactor is capable of powering 300,000 homes. The technology is also 'ultra-safe,' according to Holtec CEO Kris Singh. 'We call our reactor 'walk-away safe.' It is walk-away safe. It's Fukushima-proof,' Singh said, referring to in Japan. He later acknowledged that nothing can be unconditionally safe, but said Holtec has taken into account lessons learned from decades of nuclear history. 'Every possible way a reactor way could go out of control has been considered and solutions developed and incorporated in the new reactor,' Singh said. Nuclear experts share safety plans for Palisades restart Holtec's goal is to have the first SMR-300 units on the grid by the end of 2030. At Tuesday's news conference, the company signed a cooperation agreement for the construction of SMRs with Hyundai Engineering & Construction. 'Holtec and Hyundai E&C have maintained a close and cooperative relationship since establishing our partnership in 2021,' Hyundai Engineering & Construction CEO Hanwoo Lee said. Springman said he expects the project to lead to the deployment of hundreds of SMR-300s across the world. Holtec President Kelly Trice also offered an update on the restart of the Palisades plant Tuesday, saying the plant was almost fully staffed and the process was 'on budget and on schedule.' Officials hope the plant will be up and running by October. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
