GEK TERNA, which submitted a bid of 3.27 billion euros in the relevant tender, recently signed the new concession contract for the management and operation of Attiki Odos.

In terms of value, this is the largest contract that the Hellenic Republic Asset Development Fund has ever signed. GEK TERNA will undertake the operation, management, maintenance, and exploitation of the road for the next 25 years, while it is worth noting that from 6 October, the passage price for private vehicles will be reduced to 2.5 euros from 2.8 euros today and will remain at this level for the first years of the concession.

Now, the countdown to the completion of the transaction begins in order to disburse the relevant amount, which is considered crucial for the smooth execution of this year's budget. Prior to the financial closure of the contract, the Parliament must first ratify it. All in all, however, there is a timeframe of up to next February, i.e., a total of five months. 

However, from 5 October onwards, the existing concessionaire, i.e., Attiki Odos SA, will hand over the right of operation to the intermediate concessionaire of Attiki Odos, which will, in all likelihood, be the Ministry of Infrastructure & Transport, which will then select the operator of the axis. The preferred options are either the existing company Attiki Diadromes SA or one of the companies of other road axes, such as the New Road or the Ionian Road. But the revenue from the tolls would go to the state and not to the new concessionaire.

STATEMENTS

"The signing of the concession contract for the financing, operation, maintenance, and exploitation of Attiki Odos confirms that in Greece, too, the cooperation between the public and private sectors can be transparent and efficient for both sides," Minister of Infrastructure and Transport Christos Staikouras said at the signing event of the new concession contract for Attiki Odos.

As Mr. Staikouras explained during his speech, referring to the cooperation between the public and private sectors, "It can be beneficial for both parties, within a framework that covers, on the one hand, the public interest through the financing, operation, and maintenance of the motorway and, on the other hand, ensures a reasonable profit for the private operator through the exploitation of the road." 

"As the Ministry of Infrastructure and Transport, we will make every effort to protect public infrastructure and to ensure the smooth and efficient operation of the transport system, with the safety of users as the top priority," Mr. Staikouras concluded. 

For his part, the Deputy Minister of Infrastructure and Transport, responsible for Infrastructure, Nikos Tachias, noted: "Today's signature is a milestone in the history of major road concessions, in which our country already has vast experience.

Attiki Odos, a project exemplary for its time, marks the success of the model of private sector participation in the implementation of major public investments. Its construction and operation contributed decisively to improving the daily lives of the inhabitants of the basin.

GEK TERNA S.A., which through NEA ATTIKI ODOS PARATHORISI S.A. succeeds the previous entity, has, without a doubt, the know-how and the ability to maintain Attiki Odos at the high operating levels demanded by the citizens. Moreover, given that we are in the penultimate act of this very difficult project, which is being carried out with great diligence by the Hellenic Property Development Fund, I believe that GEK TERNA SA will meet its completion target before the end of the year.

The Ministry of Infrastructure and Transport, on 5 October, will be fully prepared to initiate the delivery procedures of the road, as far as they are concerned.".