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Romania, US Bechtel Agree To Give Up Highway Advance Payment In ‘09

Romanian Transport Ministry and U.S. construction giant Bechtel agreed to give up the advance payment for this year’s works at the country’s biggest highway project, Transylvania, Transport Minister Radu Berceanu said Thursday.
Romania, US Bechtel Agree To Give Up Highway Advance Payment In ‘09
22 ian. 2009, 18:36, English

The works will be paid monthly or after finalizing different stages.
 
So far, Romanian authorities used to make advance payments for Bechtel works every year.
 
Romanian transport minister Radu Berceanu met Thursday the representatives of Bechtel, to have talks on the highway’s construction project.
 
"We agreed to give up the advance money this year, and make monthly payments or payments for stages of the works. In other years, the exchange rate caused problems with the payment of the EUR150 million as advance," Berceanu stated in a press conference.
 
Construction works on the highway started in 2004, based on a contract worth EUR2.2 billion attributed to Bechtel. Works halted mid-2005 when Romanian authorities started looking into contracts concluded under the previous government. The highway is due for completion in 2013.