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| Astaldi wins contract for highway in Turkey Astaldi SpA, Italy's second-largest builder, signed a major contract for the construction and operation of the Gebze-Izmir highway in western Turkey in a $6.5 billion investment project. The BOT (Build, Operate, Transfer) contract will be carried out by Astaldi together with five Turkish contractors. The signature follows the contract assignment that took place last July 2009 and allows for the structuring of the project finance after which the contact will be included into the order's backlog of Astaldi Group for an amount equal to Asaltdi's share in the JV, that is 15.75%. The contract will entail the construction and following operation of a new highway of 421 Km long, approximately the same length as the high speed line between London and Paris. It will connect Gebze (close to Istanbul) to Izmir, on the Aegean coast of Turkey, and it will cut in half the time needed to cover the distance which today stand a t about 8 hours. The project also includes the construction of a suspended bridge over the Izmit Bay. Works will start during 2011 following the completion of the design phase, which today is already at an advanced stage, and will last 7 years. write your comments about the article :: © 2010 Construction News :: home page |