Astaldi closes a super contract in Russia and the stock takes flight in Piazza Affari, scoring an increase of more than 7 and a half points in the early afternoon. The Italian general contractor, in joint venture with the Turkish construction company IC Ictas, today signed an agreement to complete the St. Petersburg ring road. The value of the work is 2,2 billion euro, of which Astaldi has a 50% stake.
The contract provides for the design and execution of all the works necessary for the construction of 12 kilometers, which correspond to the technically more complex section of the connection, for closing the loop on the sea front. Work will start in October , expected duration is 36 months.
The Astaldi group has been operating in St. Petersburg for about a year, where it is already engaged in the construction of the new international terminal of Pulkovo Airport, worth a total of 700 million euro, which should be completed within the next two years.
Today's contract was preceded by the agreement between the Northern Capital Highway (NCH) consortium and the city of St. Petersburg for the construction of the section and the subsequent management of the entire work. The NCH consortium consists of VTB Capital and Gazprombank, respectively the second and third largest banks in Russia.
