Rueil Malmaison, 11 April 2017
Two large VINCI Concessions motorway projects open to traffic in Greece
- 360 km of new or revamped motorways to improve interregional connections
- Meeting the highest international quality and safety standards
- A €2.8 billion investment to boost Greece's competitiveness
Greek Prime Minister Alexis Tsipras inaugurated the new section between Corinth and Patras today, extending the east-west corridor Athens-Corinth. This inauguration follows the commissioning of the new motorway between the Malian Gulf and Kleidi on the eastern coast, on 6 April. These two new motorways were built under concession contracts and their concession companies, Olympia Odos and Aegean Motorway, will operate them until 2038. VINCI Concessions holds a 30% stake in the first and a 14% stake in the second company. The investment amounted to €2.8 billion in total.
These two new motorways' commissioning translates into a significant upgrade in safety standards and traffic fluency to the benefit of users.
- The Corinth-Patras section is a new 120 km dual carriageway (two lanes each way) encompassing 12 new tunnels, 209 bridges, overpasses and underpasses, and 29 interchanges. The bridges and tunnels were designed specifically to blend the motorway seamlessly into its surrounding area and its spectacular views. This Corinth-Patras section completes the Athens-Corinth section now under concession, and provides a fully integrated 240 km network between the country's capital and its west coast, inter alia connecting the Port of Patras. The investment in this section amounted to about €1.5 billion.
- The Maliakos-Kleidi section is a refurbished 240 km stretch. It includes 30 km of motorway extensions and involved building three twin-tube tunnels spanning 11 km in total. This new motorway skirting Greece's east coast helps to improve traffic conditions and safety along this major corridor. Drivers will now be able to use a fully integrated network linking the capital to Thessalonica in the north of the country. The investment in this section amounted to €1.3 billion.
These inaugurations put an end to the construction phase, during which VINCI Concessions' programme management teams successfully tackled numerous technical challenges including unstable geological settings, simultaneous rail line construction and the need to keep existing roads open to traffic throughout the works.
VINCI Concessions' teams made progress on these two large projects despite the financial downturn that hit the country, through ongoing dialogue with Greek authorities.
With these two major projects, VINCI Concessions - which already holds the concession for the Charilaos Trikoupis Bridge between Rion and Antirion over the Gulf of Corinth - is helping to make Greece's infrastructure more competitive and efficient, to the benefit of the country's economic development. Construction work generated some 10,000 direct and indirect jobs at its peak, and operation will account for about 1,000 direct jobs.
About VINCI Concessions VINCI Concessions designs, finances, builds and operates transport infrastructure and public facilities under public-private partnership arrangements. The Group's integrated concession-construction approach enables VINCI Concessions to develop solutions that optimise the performance of the projects entrusted to it while providing a high level of service to customers and end users. VINCI Concessions is Europe's leading operator of transport infrastructure concessions (VINCI Highways, VINCI Airports and VINCI Railways).
About VINCI
VINCI is a global player in concessions and construction, employing almost 185,000 people in some 100 countries. We design, finance, build and operate infrastructure and facilities that help improve daily life and mobility for all. Because we believe in all-round performance, above and beyond economic and financial results, we are committed to operating in an environmentally and socially responsible manner. And because our projects are in the public interest, we consider that reaching out to all our stakeholders and engaging in dialogue with them is essential in the conduct of our business activities. VINCI's goal is to build long-term value in this way for its customers, shareholders, employees and partners, and for society at large.
PRESS CONTACT VINCI Press department Tel.: +33 (0)1 47 16 31 82 media.relations@vinci.com
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