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Contract To Build The Airport.

Contract Awarded to build the airport.

Greece on Tuesday awarded the contract of new 850 million euro ($950.90 million) airport on Crete to GEK-TERNAGreek construction group GEK TERNA and Indias GMR Infrastructure, the Greek/Indian joint venture, which was the sole bidder.

It will build the airport via a private-public partnership and operate it for 37 years, subject to regulatory approval. They hope to start building the airport on Crete early next year, if all the necessary procedures move fast, a source from GEK TERNA stated on Wednesday.

The cost for building the airport is estimated at 480 million euros with the state offering 180 million euros to acquire a 46 percent stake in the airport. The joint venture will own the rest. The total investment is 850 million euros.

The concession needs to be approved by a Greek court of auditors and parliament before the joint venture starts work on the project. ($1 = 0.8939 euros).

Athens has made several attempts since 2010 to build a new airport at Kasteli on Crete to replace the existing airport at Heraklion, Greeces second largest. But the countrys seven-year debt crisis has made it difficult to attract investors.

The project is expected to create 1,000 jobs throughout its 5-year construction time and 500 permanent ones once it is up and running.

Awarded: june 2017

Contractor name : GEK TERNA

Contractor address : Leof. Mesogeion 85, Ampelokipi Menemeni 115 26,

Implementing agency : Greece Government

Country :Greece

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Publication:Mena Report
Geographic Code:4EUGR
Date:Jun 3, 2017
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