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Arabtec to go ahead with Russia project

Dubai, September 3, 2009

Arabtec Holding will start construction on a Russian tower project in March if the deal is approved despite protests against the plans, its chief financial officer said in remarks published on Thursday.

The contract to build the headquarters for Gazprom Neft, the oil arm of Russian national gas company Gazprom, was now likely worth around 3 billion dirhams ($816.8 million) versus an initial 10 billion dirhams due to cost cutting, Ziad Makhzoumi was reported as saying in The National.

Arabtec won the contract to build the first stage of Okhta Centre, jointly owned by Gazprom Neft and the City of St Petersburg, in April 2008.

'We signed the contract a long time ago but there have been lots of changes,' Makhzoumi was quoted as saying. The contract includes the construction of five other buildings and leisure facilities, The National reported.

On Wednesday residents in St Petersburg clashed with police as they protested against the plans at a public hearing, The National reported.

A spokesman for Gazprom declined to comment immediately.-Reuters




Tags: Construction | Russia | Gazprom | gas | Arabtec Holding |

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