Highway construction around Sochi to be tendered
Published 24 July, 2007, 13:10
Sochi, host of the 2014 Winter Olympics, is holding a tender to build a US$2 BLN highway around the city.
So far two construction companies – Austria's Strabag and Russia’s Transstroy – have said they'll tender.
Both companies could end up in the hands of billionaire Oleg Deripaska.
His investment company Basic Element already owns 30% of Strabag and wants half of Transstroy.
The federal budget is financing the highway project with analysts tipping the builder could bank a 20% profit or US$240 MLN.
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