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| Strabag signs three contracts during Putin visit  Strabag SE, one of Europe's leading construction groups, signed three important contracts during Russian President Vladimir Putin's visit to Vienna. The first contract involves a consulting deal with the Volgograd Oblast over the modernisation of the region's transport infrastructure applying PPP models. The first major infrastructure project will be the bypass around the city of Volgograd. Regional governor Nikolai K. Maksyuta estimates the value of the first project at around EUR 600 million.The second agreement was signed with the "KORSTON hotels and malls" group. Strabag will act as general contractor for four hotel and shopping centre projects in the cities of Nizhny Novgorod, Lipetsk, Astrakhan and Moscow with a total area of 400,000 m² and an overall hotel capacity of approximately 1,000 rooms. The contract is worth a total of EUR 500 million. The largest and longest-term project was signed with Russian businessman Viktor Vekselberg and his investment holding Renova and involves the construction of a whole new city district in Yekaterinburg by 2020. The project comprises various categories of residential buildings, offices and shopping centres with a total area of 16 million m² and an estimated value of EUR 25 billion. Strabag CEO Dr Hans Peter Haselsteiner stresses that the projects involve deals which were negotiated before the entry of new Strabag shareholder Oleg Deripaska. "When we begin to intensify our talks with Mr Deripaska, I am sure that we can expect many more such deals in the future, " says Dr Haselsteiner. Strabag expects to post just EUR 400 m in Russia this year. But the orders backlog, including the three new deals, has meanwhile grown to EUR 3 billion. The future, in particular thanks to the new Russian shareholder, promises to hold further dynamic growth. write your comments about the article :: © 2007 Construction News :: home page |