Izmir, Turkey motorway project set to be delayed by at least 18 months

The construction of the Istanbul-Izmir motorway in Turkey is set to be delayed by at least 18 months due to insufficient funds being in place to complete the major new highway. Turkey's Transport and Communication Minister Binali Yildirim has warned the Nurol-Özaltn-Makyol-Astaldi-Yüksel-Göçay joint venture, who are responsible for the construction of the motorway, that it will be in breach of the project’s contract, signed in October 2010, imposing a strict completion deadline of five-and-a-half years.
December 20, 2012 Read time: 1 min
The construction of the Istanbul-Izmir motorway in Turkey is set to be delayed by at least 18 months due to insufficient funds being in place to complete the major new highway.

Turkey's Transport and Communication Minister Binali Yildirim has warned the 3338 Nurol-Özaltin-3340 Makyol-1324 Astaldi-4149 Yüksel-3342 Göçay joint venture, who are responsible for the construction of the motorway, that it will be in breach of the project’s contract, signed in October 2010, imposing a strict completion deadline of five-and-a-half years.

So far, US$500 million (€382.34mn) has been spent from the equity capital for the Istanbul-Izmir motorway works.

For more information on companies in this article

Related Content

  • Mostotrest won another tender for building of Moscow-St Petersburg highway
    February 20, 2014
    The award for a key stretch of the Moscow-St Petersburg highway has been awarded - Eugene Gerden writes As expected by analysts, Mostotrest, owned by the Rotenberg brothers, won the tender for the construction of the sixth and longest section of the Moscow-St Petersburg highway. Under the conditions of the tender the company will build 209km of the highway (334-543km), which will pass through the Tver and Novgorod regions of Russia. The cost of construction is 144.6 billion Rubles (US$4.51 billion), 16 bill
    Read More
  • Australian state government does a deal with East West Connect
    April 15, 2015
    The state government of Victoria in Australia will pay the East West Connect consortium US$258 million to cancel construction of Melbourne’s East West Link road tunnel. The payoff is to cover the consortium's bidding, design and pre-construction costs and draw a line under the deal that has been mired in financial controversy for years. The federal government slammed Victoria’s decision to bail out of the project as “an obscenity’’ that will cost 7000 jobs, according to a report in The Australian news
    Read More
  • “Structurally deficient” US bridges need warning signs, says ARTBA
    April 10, 2015
    A US construction sector group wants warning signs to be posted on bridges designated “structurally deficient" and in need of repair by state engineers. More than 61,000 structurally deficient bridges remain in need of significant repair, according to the American Road & Transportation Builders Association (ARTBA), which analysed the US Department of Transport’s National Bridge Inventory database. However, by the end of 2014 there were more than 2,000 fewer structurally deficient structures than in 20
    Read More
  • Mexican road projects in hand while others face delays
    February 23, 2012
    Several key highway developments are being planned in Mexico, although project delays are now facing increasing public scrutiny.
    Read More

Highlighted Content