Отправлено: 07.09.09 13:46. Заголовок: Arabtec plans to start tower

Arabtec plans to start tower

Friday, September 04, 2009 http://www.gulf-daily-news.com/NewsDetails.aspx?storyid=258861

DUBAI: Dubai's Arabtec Holding will start construction on a Russian tower project in March next year, weather permitting and if the contract has been finalised, its chief financial officer said yesterday.

The contract to build the headquarters for Gazprom Neft, the oil arm of Russian national gas company Gazprom, is still worth its original 10 billion UAE dirhams ($2.72bn), Ziad Makhzoumi said.

"Weather permitting and pending contract finalisation, construction is expected to start in March 2010," he said.

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 last year.

 Отправлено: 07.09.09 13:51. Заголовок: Arabtec stands ready..

Arabtec stands ready to build controversial tower in Russia

03 September 2009 http://www.zawya.com/story.cfm/sidZAWYA20090903043427/Arabtec%20Ready%20To%20Build%20Controversial%20Tower%20In%20Russia

DUBAI - Arabtec Holding is confident a deal to build Europe's tallest building for the Russian oil company Gazprom Neft will go ahead despite a public backlash against the plans.

St Petersburg residents protested against plans for the 400-metre tower at a public hearing Wednesday. They claim Gazprom Neft, a subsidiary of the state-owned natural gas giant Gazprom, was wrong for trying to change the city's zoning laws to build the project, known as the Okhta Centre.


About six people were thrown out of the meeting after clashing with police and security guards.

The UN Educational, Scientific and Cultural Organisation (UNESCO) has warned that the city's historic centre could be struck off the World Heritage List if the project, which will be Gazprom Neft's headquarters, is built.

ArabtecArabtec, the biggest builder in the UAE, was awarded the contract to build the skyscraper in April last year but progress has been hampered by design changes as Gazprom seeks to reduce costs due to the global economic slowdown.


The original contract was valued at Dh10bn (US$2.72bn) and was the largest ever to be awarded to the firm, but it is now likely to be reduced by about Dh3bn due to cost-cutting. The latest setback is not expected to halt the project, according to Ziad Makhzoumi, the chief financial officer of ArabtecArabtec.

Mr Makhzoumi said despite the delays, foundations and soil tests beganearly last month.

"We signed the contract a long time ago but there have been lots of changes," he said. "The tests are part of the value engineering ... these should be finalised by the end of October and will then be presented to Gazprom." If given approval, Mr Makhzoumi expected construction to begin after March next year. The contract includes the construction of five other buildings and leisure facilities.


Russia's construction sector has been badly hit by the economic downturn, with several projects being put on hold. ArabtecArabtec has been seeking new overseas contracts to compensate for lost work in the UAE, which has shaved about Dh4bn off the company's order book. In March, the company set up Arabtec Saudi ArabiaArabtec Saudi Arabia, through which it aims to generate Dh1.47bn in profits this year.

ArabtecArabtec said in a statement to the Dubai Financial Market yesterday that its board would meet on Sunday to consider a proposal to set up a branch of one of its units, Austrian Arabian Ready Mix Concrete, in Saudi Arabia.


The unit would supply projects of ArabtecArabtec and its partners with concrete on a commercial basis, it said.

By Angela Giuffrida

© The National 2009

 Отправлено: 07.09.09 14:04. Заголовок: Arabtec to start Rus..

Arabtec to start Russia's project in March, despite protests

MENAFN - 04/09/2009 http://www.menafn.com/qn_news_story_s.asp?StoryId=1093269172

(MENAFN) Arabtec Holding plans to commence construction on a Russian tower project as of March 2009, awaiting for the approval despite protests against the plans, Reuters reported.

Arabtec's Chief Financial Officer, Ziad Makhzoumi, said that the contract to construct the headquarters for Gazprom Neft, the oil arm of Russian national gas company Gazprom, is now worth of $816.8 million rather than the initial cost of $2.7 billion, due to cost reductions.

Arabtec has been granted the contract to construct the first stage of Okhta Center, jointly owned by Gazprom Neft and the City of St Petersburg, in April last year.

Makhzoumi said that the company has signed the contract a long time ago but there have been lots of changes. The contract includes building five other buildings and leisure facilities, The National reported.
Recently, residents in St Petersburg clashed with police, protesting against the plans at a public hearing.