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GEK TERNA-Ellaktor Claim Giant Project In Bulgaria

Ellaktor and GEK TERNA have submitted tender offers for the upgrade and electrification of the 70km rail network between Dimitrovgrad and Svilengrad in Bulgaria, sources told 

The €140m project has assured funding through the operational program of the European Union for the transport industry in the country. 

The project is considered significant for the domestic constructors, which are already active in Bulgaria, given the financial crisis they face. 

Ellaktor is in talks for new projects in Kuwait and Dubai, its administration said during in a conference call, expecting the negotiations to be concluded by September.

Domestically, the administration expect to obtain an approval of environmental impact assessment for the gold and other precious metals mine in Chalkidiki. The investment is estimated at €1.5-2b for the total operation period, while the implementation is estimated to create more than 6,000 primary and secondary jobs. 

Regarding RES projects, the listed company has 118MW in operation, while 116MW are under construction, with 60MW expected to be operational this year. 

The EBIT margin of Attiki Odos is placed at 42.5% in 2011, with the traffic on urban highways falling by 15% compared with 2009. The group’s administration expects traffic volume to decrease by 7% in 2011. 

Similar drop of 7% is expected for the Rio-Antirrio Bridge in 2011.

Regarding three of totally five road concession projects, in which Ellaktor is involved, the construction has progressed at a rate of 60% in Moreas, at 27% in Olympia Odos and 62% in Aegean Motorway. 

It should be noted that the negotiations between the state, constructors and banks are still ongoing, while it remains uncertain whether they would be completed within June, as Infrastructure Ministry planned.
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