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Singapore awards another $1.1 billion for mega-port project

Staff Writer |
Singapore announced a $1.1 billion plan to expand and modernize its port, the world's second-biggest.

The Maritime and Port Authority of Singapore (MPA) said it has awarded a project worth S$1.46 billion ($1.1 billion) for the second phase of its Tuas Terminal port development to a joint venture of firms, including Korea's Hyundai Engineering and Construction.

Other companies in the joint venture include Japan's Penta-Ocean Construction Co Ltd and Boskalis International from the Netherlands.

Works under this phase will include the design and construction of 387 hectares (956 acres) of reclaimed land.

"The Tuas Terminal development is a testament to Singapore's commitment to sustain its lead as a global maritime nation," the MPA said in a statement.

Phase two is part of a four-stage development over 30 years, with the first phase of reclamation works scheduled to be completed by the early 2020s and the second phase in the mid-2020s.

The container terminal will have a capacity of about 65 million twenty-foot equivalent units when completed.

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