Chinese company picked to salvage Sewol
By Kim Se-jeong A consortium between a Chinese salvage company and a Korean firm became the preferred bidders for the salvage project for the ferry Sewol.The Ministry of Oceans and Fisheries announced Wednesday it has selected the Shanghai Salvage consortium to retrieve the Sewol wreckage.Shanghai Salvage, owned by the Chinese Ministry of Transport, has a 70-percent stake in the consortium, while Busan-based marine installation company Ocean C&I holds the other 30 percent as its partner.Negotiations on the exact details of the operation will begin on July 20.“We believe Shanghai Salvage has the most appropriate technology and offered the best price,” a ministry official said during a press conference.The consortium proposed a price of 89.1 billion won for the project. The government’s budget is 100 billion won.Shanghai Salvage has saved 1,900 vessels since its establishment in 1951. It also salvaged the Chinese ferry which capsized on the Yangtze River on June 4.According to its plan, the company will pump air into the ferry which will float it 23 meters ab
