7/16/2019
Turkish GAMA Group Will Build Wolrd's Longest Submarine Tunnel between Estonia and Finland With Chinese Group
Turkish GAMA Group having undersigned the Memorandum of Understanding together with China Railway International Group signed with FinestBay Area Development for the construction of the 100 km tunnel to be built at the Baltic Sea takes place in the project worth € 15 billion…
GAMA Group which is one of the prominent contractors of Turkey performing turnkey works abroad and having completed a number of projects in the country with success and also having contributed Marmaray Project to Istanbul connecting Asia and Europe with the state of the art Japanese technology, will this time build world's longest submarine tunnel with Chinese between Tallinn (Estonia) and Helsinki (Finland) tendered by FinestBay Area Development (Finnish investor group financed by funds from China). A Memorandum of Understanding was signed on July 11, 2019 by FinestBay Area Development (Pöyry-AINS Group-Fira Group-Trimble), the special investor group for the construction of Tallinn-Helsinki Undersea Tunnel, China Railway International Group, Touchstone Capital and GAMA Group on which a Cooperation Agreement was signed in January this year by the Prime Ministers of Finland and Estonia to ease the intensive bay ferry-boat traffic at the Baltic Sea. Tallinn-Helsinki Tunnel will be world's longest submarine tunnel with a length of 100 km which will be built jointly by China Railway International Group ranking the second in ENR magazine quoting the global construction contracting classification, Touchstone Capital which ranks among the first few major financiers and GAMA Group that will undertake construction works with the undersea tunnel technology. An investment worth € 15 billion The total investment cost of the submarine tunnel which is a project of the investor group titled FinestBay Area Development supported by the Governments of Finland and Estonia is calculated as € 15 billion (US$ 16.5 billion) according to the feasibility report. Related sources stating that the entirety of funds for the investment will be provided by Touchstone Capital, report that a major part of the amount will be covered by loans to be provided by Chinese banks. Feasibility studies on the project were finalized in 2017 by the governments of Finland and Estonia. The construction works of the tunnel are targeted to be completed in 2024. The tunnel will reduce the travel time of 2 hours on ferry-boats to 20 minutes.
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