Korea Expressway Corp. lands record overseas O&M contract in Türkiye

Korea Expressway Corp. has secured the largest contract in its overseas road operation and maintenance history.

The state-run expressway operator announced Thursday that it signed a contract Wednesday in Istanbul for the operation and maintenance of the Kınalı–Malkara Expressway and a major rehabilitation project on the Malkara–Çanakkale Expressway. The total contract value is 186 billion won (approximately $123 million).

The Kınalı–Malkara Expressway connects Istanbul and Çanakkale, spans 106 kilometers with six lanes in both directions, and is part of a public-private partnership project valued at 2.6 trillion won. Korea Expressway Corp. will provide pre-opening operational consulting during the construction phase, then jointly operate the expressway with local firm Limak for 10 years starting from the planned 2029 opening, in a deal worth 135 billion won. Alongside this, the company will handle major rehabilitation work on the 89-kilometer, six-lane Malkara–Çanakkale section from 2026 through 2039, a project valued at 51 billion won.

The contract win was backed by Türkiye's General Directorate of Highways' confidence in Korea Expressway Corp.'s technical capabilities, as well as strong support from domestic policy finance institutions. The Export-Import Bank of Korea led financial arrangements from the project's early stages, while the Korea Trade Insurance Corp. provided additional financial support — together laying the groundwork for expanding the contract's scope.

The deal brings Korea Expressway Corp.'s cumulative contract value in Türkiye to approximately 350 billion won. Following the Nakkaş–Başakşehir Expressway O&M project in 2024, this marks the company's second win in the country and establishes a foothold in the European O&M market.

Lee Sang-jae, acting president of Korea Expressway Corp., said the contract represents "a tangible result achieved in an overseas market through cooperation between a public infrastructure enterprise and public financial institutions." He added that the company would "continue to pursue large-scale projects in Asia and Europe with the goal of securing 1,000 kilometers of overseas road O&M contracts by 2030."

Meanwhile, the overseas road sector — long dominated by construction and civil works — is shifting toward an operations and maintenance-centered model, with Korea Expressway Corp. demonstrating its competitiveness in the global PPP market by leveraging expertise built up domestically.