Highway at final speed | Ekonomi / 29.03.2014

Works of Gebze – İzmir Highway Project which is the biggest in Europe and second biggest in the world continued substructure investment are continued on the final speed. Companies at the consortium which has been awarded at the tender of project for which it is assumed to have approximately 870 million TL savings are planned to be obtained per year by decreasing the time period in between İstanbul – İzmir to 3,5 hours continue bridge, highway, tunnel and viaduct works at nine different areas. Approximately half of the project of highway and viaduct has been completed and at viaduct work at the İstanbul side, road passage construction over legs has been started. Also at Samanlı Tunnel, works of tube are continued at the final speed. The aim is to fully complete the section of highway from Gebze to Orhangazi within year of 2015. Kerim Kemahlı, CFO of Nurol Holding which is the leader partner of consortium constructing Gebze – İzmir Highway mentioned that they planned to sign in April a new credit agreement of 600 million dollar with eight banks for construction of Orhangazi – Bursa section of the project and they expect an increase in the total investment cost. Kemahlı stated that they separated Gebze – Orhangazi – İzmir Highway project including İzmit Gulf Passing Bridge as Gebze – Orhangazi and Orhangazi – İzmir phases and they also have separated second phase into two groups as Orhangazi – Bursa and Bursa – İzmir and they have planned separate financing for each group. Kerim Kemahlı mentioned that for the section of Gebze – Orhangazi a total of 2.8 billion dollar investment shall be made and 1.4 billion dollar of this amount shall be met from equity capital. Kemahlı stated that the cost shall be 4 billion dollar for Bursa – İzmir phase which is second stage of Orhangazi – İzmir phase and stated that they plan to meet 3 billion from bank credit and 1 billion from equity capital. Kemahlı said that; ‘We shall start to studies related with financing of this section as of the end of 2014 or as of the beginning of 2015. It seems that there shall be a total 7.4 billion dollar investment cost for whole of the project.”