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Dubai-based Rasia awarded contract to build $3bn Armenian railway, highway
- United Arab Emirates: Saturday, January 26 - 2013 at 06:06
Dubai-based investment firm, Rasia FZE has signed a tripartite memorandum of understanding with the South Caucasus Railway and the Armenian transport ministry to develop the Southern Armenia Railway. The agreement covers the construction of both a 316km railway linking Gavar, 50km east of Yerevan near Lake Sevar, with the Iranian border near Meghri, and a 110km highway in the southern province of Syunik. The total cost of the two projects is expected to be around $3bn. In 2012 Rasia signed two concession agreements with the Armenian government to develop these projects on a PPP basis. The concessions set deadlines for completing feasibility studies, engineering design, project financing, and construction, and both have an operating term of 30 years with an option for a 20 year extension. Feasibility studies began at the end of December, and Rasia appointed China Communications Construction Co as the lead member of the development consortium for the project.
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