Construction sector experts speak of a handout of 250-300 million euros to Attiki Odos SA’s shareholders, due to the upcoming confirmation of Infrastructure Minister Christos Spirtzis’s decision to approve a two-year extension to the concession contract for the operation of the capital’s homonymous ring road.
A memorandum of understanding was signed on the extension at the start of the year which outlines a series of offsetting measures to be granted by the existing stakeholders (Ellaktor and J&P Avax), mainly concerning the studies for the construction of additional stretches of highway. But Kathimerini understands that those studies have already been made as this package of projects dates to the early 2000s.
It appears that the state’s returns from the two-year extension are almost negligible compared to the benefits to the contractors: In terms of dividends alone (as projected up until 2024) they will collect some 80 million euros per year, while another 100-150 million will concern the coverage of Attiki Odos SA’s expenses to parent companies Ellaktor and J&P Avax for implementing repairs.
That is another scandalous dimension: While other highways have an annual ceiling of 60,000 euros per kilometer for repair costs, in Attiki Odos’s financial report this comes to 1 million euros/km.