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Wednesday, 25 November 2009 19:20 UAE time

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Arabtec to finalise Russia deal this month

by This email address is being protected from spam bots, you need Javascript enabled to view it  on Sunday, 14 December 2008
FINALISING DEAL: Arabtec plans to build a project in Russia with partners including Gazprom. (Getty Images)
FINALISING DEAL: Arabtec plans to build a project in Russia with partners including Gazprom. (Getty Images)

Arabtec Holding expects to finalise a deal this month to build a project in Russia with partners including the oil arm of Gazprom, its chief financial officer said in remarks published on Sunday.

Arabtec in April won a 10 billion-dirham ($2.72 billion) contract to build the first stage of Okhta Centre, jointly owned by Gazprom Neft, the oil arm of the Russian national gas company Gazprom, and the City of St. Petersburg.

"The project is going ahead and we are still aiming to start work on mobilisation in the first quarter of 2009 and major works in the second quarter," Ziad Makhzoumi said, according to UAE daily Emirates Business.

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"Our team is in the final stages of negotiations and we are aiming for Christmas to finalise the details with the client."

Makhzoumi also said Arabtec, the UAE's biggest construction firm by market value, had no plans for "any immediate reduction in staff" as it expands into Qatar, Saudi Arabia and Abu Dhabi.

"Some projects have been delayed and some projects have been suspended. But that has not materially affected the workload we have," he said.

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