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24 Jul, 2007 09:10

Highway construction around Sochi to be tendered

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.