June 20, 2013 10:11
Korea and Thailand have completed price negotiations over a massive Thai flood prevention project, setting the cost at W6.07 trillion (US$1=W1,131). A Korean consortium headed by state-run Korea Water Resources Corporation, or K-Water, was selected last week among preferred bidders.
The mega project involves the construction of a nationwide water management system along Thailand’s major rivers, including the Chao Phraya that bisects Bangkok.
K-Water got the nod to build drainage canals on the east and west of the river as well as a reservoir that can hold 3 billion tons of water. The original cost of that part of the project was set at W6.18 trillion.
The final contract is expected to be signed in September, three to four months later than originally planned, because the Thai government belatedly appointed a project management consultancy to negotiate details.
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