Portugal announces renegotiation of six road concession contracts
The government of Portugal through Pires de Lima, the coutry's economy Minister, has announced the renegotiation of six road concession contracts.
The deal is being negotiated between the Government and Portuguese highway operator Ascendi.
The deal will save €2 billion (US$2.12 billion). According to the minister, the contracts' average return of 13% has been reduced to 8%. The six road concessions are the following:
- Norte,
- Grande Lisboa,
- Costa da Prata,
- Grande Porto,
- Beira Litoral e Beira Alta
- Interior Norte
Sérgio Silva Monteiro, Secretary of State of Infrastructures, Transport and Communications, said the deal involved more than 60 banks and 22 government staff and it needed more that 150 meetings to be closed.
Pires de Lima has also announced that the government has plans to revise all 14 road PPP contracts by the end of the legislature. The negotiation should ensure savings of over €7.2 billion (US$7.63 billion) in the 14 concessions. He told the Economy and Public Works commission:
"We are talking about contracts with an average return of 15% and that will be reduced to 7%, that is more reasonable for this kind of structure and the investments that these entities have to make."
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