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News Release from: Stretto di Messina | Subject: Stretto di Messina Bridge Project
Edited by the Buildingtalk Editorial
Team on 04 June 2004
Launch of Stretto di Messina Bridge
Project
Stretto di Messina Spa today presented the plans for the Strait of Messina Bridge Project infrastructure and its links that will connect Sicily to the Mainland.
Stretto di Messina Spa, the concessionaire company for the design, construction, financing and management of the Strait of Messina Bridge Project, today presented the plans for the Bridge infrastructure and its links that will connect Sicily to the Mainland as part of an international roadshow that also visited New York on 25 May and Tokyo on 28, 2004 The Stretto di Messina management illustrated the main aspects that make up the technical and financial areas of the project, led by Mr Pietro Ciucci, Chief Executive Officer and supported by Mr Giuseppe Fiammenghi, Chief Technical Officer, Mr Stefano Granati, Chief Financial Officer, Mr Andrea Sandulli, In-House Counsel and Mr Franco Vigliano, Partner, Allen and Overy
This article was originally published on Buildingtalk on 9 Jul 2004 at 8.00am (UK)
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Mr Pietro Ciucci, CEO of Stretto di Messina, confirmed today, "The purpose of this initiative is to give as much information as possible on the Bridge Project including the construction methods and timetable for the completion of the works.
This follows the recent publication of the international invitation to tender for the General Contractor responsible for the final design and construction of the Bridge.
We also want to illustrate the strong feasibility of the Project demonstrated in all the technical, financial and environmental research projects undertaken over the past two years." During the presentation the following key aspects underlined were: * The Strait of Messina Bridge will be the longest single span suspension Bridge in the world with a length of 3,300 meters (2.05 miles).
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* The Project includes the Bridge's links: 20.3 kms (12.6 miles) of roads and 19.8 kms (12.3 miles) of railway.
* The Bridge and its links are estimated to cost approximately ?4.6 billion (2002 values), equal to ?3.0 billion.
The total capital requirements, taking into account inflation and financial expenses, amount to ?6.0 billion, or approximately ?4.0 billion.
* The Financial Plan, which is part of the Company's Concession Agreement approved at the start of 2004, does not require Italian State aid.
The financial feasibility of the Bridge is based on raising 40% of the total capital requirements through increasing the share capital of Stretto di Messina by ?2.5 billion, to be injected progressively in line with the Project's needs.
The remaining 60% of the capital requirements will be covered by means of project finance loans, to be repaid using the cash flows generated from the Bridge's operations.
* The Financial Plan demonstrates the feasibility of the work and the possibility, based on prudential hypotheses, to pay back the entire capital invested and pay interest and dividends.
* The Environmental Impact Study undertaken for the Project included a Strategic Environmental Assessment which found the Bridge to be highly preferable to an upgraded ferry solution as it achieved reduced emissions and urban congestion, significantly shorter travel time (1 hour less for road traffic, 2 hours less for rail traffic), socioeconomic integration and a significant and positive social and economic impact on local employment and the economies of Messina and Reggio Calabria and the regions of Calabria and Sicily.
Further highlights from the Study show: * Overall, the direct, indirect and induced economic impact of the construction phase alone is estimated to be approximately ?6.0 billion (£4.0 billion), exceeding, as often happens, the total investment cost.
On employment, the Study estimates that in the six years of construction, direct and indirect employment would increase by 40,000 jobs in the Region.
* The Cost/benefit analysis proved the economic feasibility of the Project in all the macroeconomic and transport scenarios analysed.
In particular, the Economic Net Present Value is always positive, the benefits outweigh the costs in all the scenarios considered and the Economic Internal Rate of Return is between 9% and 12%.
* The Company's commitment to the environment has not stopped with the final approval of the preliminary project and environmental audit.
This year, Stretto di Messina plan to start a complex Environmental Monitoring System that will examine the final design, construction and operating phase of the Bridge to assess the effectiveness of the planned programmes.
* More than 100 top engineers and professionals participated in the development of the Bridge design which was approved by both the Italian Authorities and private consultants.
* Seismic performance: the Messina Bridge is not sensitive to earthquakes - it is designed to withstand, without damage, a 7.1 Richter magnitude earthquake.
* Aerodynamic performance: the Bridge is designed to tolerate wind speeds exceeding 216 km/h (although the Strait wind velocities have never exceeded 150 km/h (93 mph) in 20 years of recording).
Mr Pietro Ciucci said, "The Strait of Messina Bridge provides a constructive response to demand for a more efficient and modern system for crossing between Sicily and the Mainland.
"Currently, crossing the Strait by ferry or rail is extremely congested at many times during the year, creating major inconvenience.
Without further infrastructure development, the situation is set to worsen." The Bridge will make a significant contribution towards reducing the infrastructure deficit which particularly affects Southern Italy, consequently creating economic revival and social regeneration in the area.
It is also a key part of the national transport network which will bring the Mediterranean closer to Europe.
Once completed, the Bridge will be an integral part of a set of trans-European road, rail and sea systems, as stated by the European Union: the Berlin-Palermo train Axis, Corridor VIII which runs between Bari and Warna (in Bulgaria) and Corridor V between Lisbon and Kiev.
Mr Pietro Ciucci commented further, "The Company has welcomed the Bridge's permanent inclusion in the list of priority European projects as part of the reorganisation of Trans-European networks.
"Such recognition not only confirms the strategic importance of the Bridge, but also makes it eligible to apply for European subsidies and to access the European Investment Bank's special programme which provides for longer loans with more favourable rates as specified in the European Council Decision for infrastructure projects on the priority list." The current timetable for the construction of the Bridge involves General Contractor tender applications being submitted by 13 July, 2004.
The Contractor will be selected and the final design will be approved between 2004 and 2005 and the construction sites will be open by the end of 2005.
In 2011, we envisage that the work will be completed and that the pre-operation stage will start.
2012 will be the first full year of operation for the Strait of Messina Bridge.
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