Sojitz Corporation and Japan Airport Terminal Co., Ltd., through an intermediate holding company already established by the two companies, have set up Palau International Airport Corporation, a joint venture to manage operations at Palau International Airport together with the government of Palau. Furthermore, the companies have concluded a contract with the government which will entrust them with airport operations for a 20-year period. Total costs for the project are estimated at approximately JPY 3.5 billion, as it will entail not only refurbishing and expanding the existing international terminal to meet rising passenger numbers in Palau, but also administration and maintenance.