Business

51 percent of the Yavuz Sultan Selim bridge is sold to the Chinese

Yavuz Sultan Selim-Northern Ring Highway, Osmangazi Bridge and Gebze-Orhangazi-İzmir Highway, Eurasia Tunnel were built with build-operate-transfer (BOT) model. In these projects, vehicle transit rates were determined in foreign currency (based on the exchange rate in dollars). The state has guaranteed a certain number of vehicles to approve these projects. If the vehicle passes are below the warranty limit, the state pays the difference.

The Yavuz Sultan Selim Bridge and the Northern Marmara Highway were built by the IC İçtaş İnşaat – Astaldi consortium. The bridge was commissioned in the second half of 2016. During the operational phase, there was a significant change in the structure of the association. Italy’s Astaldi transferred its shares to IC İçtaş some time ago and withdrew from the project.

CORONAVIRUS BARRIER

The sale of 51 percent of the Yavuz Sultan Selim Bridge and the North Ring Highway first came to light in the last quarter of 2019. Information was shared with the public that the fund created by China Merchants Expressway, CMU, Zheijiang Expressway, Jiangsu Expressway, Sichuan Expressway and Anhui Expressway will receive 51 percent of the Yavuz Sultan Selim Bridge and Northern Marmara Expressway for $ 688.5 million.

The traffic of meetings with the Chinese has stopped, so to speak, due to the coronavirus epidemic that has affected the entire world. In the first half of 2020, an effective meeting could not be held. Negotiations on the sale were inconclusive; the calendar got longer.

YOU HAVE REACHED THE LAST STAGE OF SALES

Negotiations accelerated again with “normalization” measures taken on a global scale. Especially in the first quarter of this year, it is claimed that results-oriented negotiations took place and that IC İçtaş and the Chinese reached the signing stage for the sale of 51 percent of the Yavuz Sultan Selim bridge and the Northern Ring highway .

According to Habertürk’s report, sources close to the company confirmed that the negotiations are in the final stage. Sources indicated that the sale is likely to be completed in a short time.

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