Siemens and Strabag chase Sochi 2014 building deal

Engineering giant Siemens and construction firm Strabag are to jointly bid for Russian infrastructure contracts to develop the city of Sochi for the 2014 Olympic Games.

The two building companies are likely to bid for transport and power plant contracts, as well as the Olympic village, hotels and communications. That's according to the Bloomberg news agency.

The Russian corporation preparing Sochi for the games has a budget of more than $US 12 billion.

Strabag sold a 30% stake to Russian billionaire Oleg Deripaska last year.