Turkey to use own resources for Marmara road project
Jan 16, 2012 - 12:00 am GMT+3
by Jan 16, 2012 12:00 am
Turkey will carry out an estimated $5 billion road project that includes building a third bridge over the Bosphorus Strait between Europe and Asia with its own resources after cancelling a tender due to the lack of bids, its transport minister said.
State-run Anatolian news agency reported Transport Minister Binali Yildirim as saying on Sunday that a tender for the North Marmara Highway project would be issued shortly.
"In a short time a tender will be launched. We plan to use our own resources directly," he was reported as stating.
Turkey cancelled the tender on Jan. 10 after builders blamed an international funding crunch for scaring off bids for the scheme, which loops north of Istanbul near the Black Sea.
Financing issues have already blighted privatisation projects in power distribution in Turkey with only one in five acquisitions being completed following tenders.
The tender for the 414-km North Marmara Highway project initially drew interest from 18 companies from Japan, Russia, Spain, Austria, Italy and Turkey. The winner would have had operating rights for 25 years.
Obayashi Road Corp, Mitsubishi Corp, Itochu and IHI Corp from Japan, Astaldi SpA of Italy, Moskovskiy Metrostroy and NPO Mostovik of Russia, Stradag of Austria, FCC Construction of Spain and Turkey's Mapa, Cengiz, Park, Varyap, Yuksel, Kolin, Nurol, STFA and Gulsan all acquired official documents for the scheme.