facebook
twitter
rss
account
search
search
 

Turkey drops road privatization plan

Feb. 23, 2013 at 10:26 AM   |   Comments

ISTANBUL, Turkey, Feb. 23 (UPI) -- Turkey's Finance Ministry says it has dropped plans to privatize toll roads after Prime Minister Recep Tayyip Erdogan said a bid of $5.7 billion was too low.

"We will review the privatization offers, for example, for the highways or bridges. We have much bigger expectations," Erdogan said before the decision was announced.

The bid was the second-highest privatization bid in Turkish history, Hurriyet Daily News reported Saturday. It involved privatization of toll roads that included toll collection on suspension bridges over the Istanbul Strait, also known as the Bosphorus.

Turkey's toll roads pulled in $445 million in 2012, the General Directorate of Highways reported in January.

Turkey plans to build a third bridge over the straits.

The plan is to relieve traffic pressure on other bridges and provide better access to an airport being built north of Istanbul.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
Texas reviews seismic link to fracking
2
Energy Department says gas prices should fall after Labor Day
3
Rheinmetall to build vehicle assembly plant in Algeria
4
Minnesota military base to host solar farm
5
Snapchat is worth $10 billion now
Trending News
Video
x
Feedback