ATHEX-listed Gek Terna has reportedly offered the highest bid for the Chania (Hania)-Herakleio (Irakleio) portion of the new northern Crete tollway (BOAK).

An international tender for the specific portion of the roadway entails a concession to construct and exploit the project.

The temporary highest bidder will emerge after official evaluation by all regulatory entities involved.

A 35-year concession period is envisioned, with a 60-month period for study and construction included in the time frame. The cost for construction the specific tollway stretch is estimated at 1.8 billion euros.

According to sources, Gek Terna’s offer reached 693 million euros (at current rates).

Gek Terna has emerged as one of the biggest construction and concession holders in SE Europe over the past few years.

The planned tollway stretching across the breadth of northern Crete is billed as the biggest highway project remaining to be completed in Greece, set to replace an antiquated provincial roadway network deemed as unsafe by 21st century standards in comparison with the traffic annually using the specific roads.