Transurban agrees Citylink expansion
Transurban has announced that it has reached an in-principle agreement with the Victorian government to widen the western section of Melbourne's CityLink, the Bolte Bridge-West Gate Freeway interchange and Tullamarine Freeway.
Transurban will pay for an A$850 million upgrade, which involves 33km between the Bolte Bridge and Tullamarine Freeway north of English Street (Melbourne). There will also be extra lanes on the Bolte Bridge. The project, an unsolicited proposal from Transurban, will lift traffic capacity on the roads by 30 per cent.
In return, Transurban will benefit from tolls on the increased traffic, its CityLink concession will be extended by one year taking its operation of the road to 2035, and truck tolls will be increased to come in line with the higher truck tolls in NSW and Queensland.
Furthermore, the period in which the CityLink toll price will increase at the greater of 4.5 per cent or the inflation rate, has been extended for a year.
Scott Charlton, Transurban CEO, stated:
The additional lane capacity proposed will improve travel time reliability for the currently 150,000 vehicles, including 14,000 freight vehicles, that use Western Link every day. The approximately $850 million project will deliver significant improvements to the movement of goods and services on Melbourne's orbital network. It will also provide an economic boost to Victoria, supporting jobs in construction and related industries.
In addition to this $850 million project, the Government is in discussions with the Commonwealth to complete the widening of the Tullamarine Freeway to the Melbourne Airport. This further expansion would add an extra lane in each direction from Melrose Drive to Melbourne Airport at a cost of approximately $250 million.
Country news
-
-
May 05, 2014
ICTSI to develop Melbourne's third container terminal
International Container Terminal Services, Inc. (ICTSI) and Anglo Ports, through their Australian subsidiary, Victoria International Container Terminal Limited (VICTL), have signed a contract in Melbourne with the Port of Melbourne Corporation on 2 May 2014 for the design, construction, commissioning, operation, maintenance and financing of the Port of Melbourne's new international container terminal and empty container park at Webb Dock. Read more -
May 08, 2014
Victoria prepares PPP for 11 schools
The Victorian Government (Australia) has announced a multi million dollar plan to build 11 new primary schools through PPP model in Melbourne's growth suburbs. Read more -
May 12, 2014
Western Australia plans PPP schools package
The state government of Western Australia has unveiled plans to deliver 19 new schools through a PPP contract during the next four years. Read more -
May 13, 2014
Hochtief raises stake in Leighton to nearly 70 %
Hochtief, majority-owned by Spanish infrastructure group ACS, has raised its stake in Leighton Holdings to 69.62 percent. . Read more -
May 14, 2014
Cheung Kong makes alternative proposal to acquire Envestra
Australian gas pipeline owner Envestra announced last week that it had received an indicative non-binding and conditional off-market takeover proposal to acquire all of Envestra's shares for cash consideration of $1.32 per Envestra share (A$2.37 billion), from a consortium comprising Cheung Kong (Holdings) Limited, Cheung Kong Infrastructure Holdings Limited and Power Assets Holdings Limited, each of which is a member of the Cheung Kong Group. Read more
