The Incheon International Airport Corporation (IAAC), owned by South Korea's Ministry of Land, Infrastructure and Transport, has been ranked first in a long-standing bidding process to operate two major airports in Montenegro, it has announced.
The tender grants a 30-year concession to run Podgorica Airport, in the nation's capital, and Tivat Airport, a key tourism entrance.
"We will solidify our position as a global airport operator and accelerate our overseas expansion through this project," IAAC president Lee Hak-jae said in a statement. "We aim to successfully complete the final contract once designated as the preferred bidder."
Corporación América Airports (CAAP), a Luxembourg-American consortium, ranked second. Other bidders now have a 15-day period to appeal the decision.
The commission ranking the tenders originally set a 9 June deadline, but this was extended after the process was hit by irregularities and disagreements. Consultants from the International Finance Corporation threatened to pull out if the commission did not explain why it was planning to reject a bid that met all the tender requirements.
According to previous media reports, in the first round of scoring for the bids, the IAAC received 79.7 points, while CAAP scored 85 points. Given that the minimum point threshold is 80, this should have disqualified IAAC. Following another reevaluation of the bids, IIAC received 81.69 points and CAAP just 87.8, causing some pushback.
Currently, both airports are operated by Montenegro state-owned Aerodromi Crn Gore. They are both in need of upgrades to accommodate rising passenger numbers. However, specific investment plans are still pending on the tenders' outcome.
According to the IAAC, since launching its first international operation in 2009, it has finalised 39 overseas projects in 18 countries, generating a cumulative contract value of $405m (Won560.8bn). In June, it signed a memorandum of understanding with the Guayaquil Airport Authority in Ecuador to develop a new international airport.
