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A final financing agreement for Turkey's 421km Gebze-Izmir motorway project will be signed by nine banks, eight of which will be Turkish, in April. The agreement will be for around US$4.73 billion of the deal likely to cost in total more than $6 billion and which is the country’s largest public-private partnership project. The banks are Deutsche Bank and Turkish banks Akbank, Garanti Bankasi, Finansbank, Is Bankasi, Halkbank, Ziraat Bankasi, Yapi Kredi and Vakfbank. Work has been going on since 2010 for the

Between 80-90km of highway will be constructed in 2015 to add to Romania’s national network of around 700km. Narcis Neaga, general manager of the Romanian National Company for Highways (CNADNR), made the announcement. He also said that only 50km were built last year, which was less than half that constructed in 2013. It was also announced that a Romanian consortium comprising Lemacons, Vega 93 and Arcada had signed a contract with CNADNR this month, worth nearly US$43 million. The consortium will build a mo

Traffic on an eight-lane road through one of Seoul’s wealthiest districts was disrupted for half an hour by two men sitting in chairs in the middle of the road. It wasn’t a political protest but reportedly a dare agreed by the men, in their 20s, to see who could last the longest sitting in the road, the fashionable Gangnam Avenue. The two men were sitting in the road for half an hour before police arrived to arrest them, Korean media reported. A witness apparently said they didn’t appear afraid of getting h

South Korea’s capital Seoul plans to create dedicated fire truck lanes to ensure traffic congestion and other obstacles don’t interfere with the emergency service. The city council hopes to start work in May to improve access in more than 700 areas of Seoul and the greater city area, the Maeil Business Newspaper reported. Inspections will be carried out to pinpoint the best routes to delineate, from back alleyways – where illegal parking is rife – to main roads where one lane could be set aside for emergenc

The 2015 combined World of Asphalt and AGG1 event in Baltimore has attracted a record number of exhibitors and attendees for its first day. More than 7,000 registered attendees came to the show by mid-day setting a record, while the event also attracted more than 450 exhibitors. Over 10,000 education session tickets were purchased by attendees for the presentations being held simultaneously with the exhibition. The event runs from March 17th- March 19th at the Baltimore Convention Centre and is organised by

The Perm Region Development Corporation, a 100% government-owned company, has sold 75% of its business International Airport Perm to Novaya Kolkhida. Novaya Kolkhida, controlled by Roman Trotsenko's Novaport, has said it will construct a terminal complex including a road network, hotels and a logistics centre. The new terminal will cost nearly $180 million and the whole project, including road junctions, hotels, and a transport and logistics centre will cost around $486 million. The terminal should be deliv

International light and compact equipment manufacturer Wacker Neuson Group achieved record results for 2014 across most key performance indicators, the company reports. The group met its increased profit and the revenue forecast, despite challenging market conditions. Group revenue increased 11% to a record €1.28 billion, up from €1.16 billion in 2013 and in line with the company’s forecast. “Adjusted by currency effects, this corresponds to a growth of 12%,” a company statement said. Business in Central Eu

Plans are moving forward in Turkey for the construction of a new tunnel project. This new link will run under the busy Bosporus waterway and will connect Kucuksu on the Anatolian side and Gayrettepe on the European side. Approval for the work has been given by the Istanbul Municipality Council. And the timeline for the project calls for the route to be ready for use in five years time In all the route will pass through 12 districts, so some further approvals will be necessary however. The route will feature

Controversy has arisen with regard to a Norwegian tunnel incident in 2013. A fire broke out in the Gudvanga Tunnel and resulted in 67 vehicle occupants being trapped, with 28 having to receive treatment for smoke inhalation. Norway’s Accident Investigation Board (Statens havarikommisjon) has criticised the National Road Administration (Statens vegvesen) over the incident. According to Statens havarikommisjon, there was insufficient information provided to those people in the tunnel at the time of the incide