Malaysia’s Protasco is reported to be banking on new jobs in Libya to improve overseas earnings.
Group managing director Datuk Chong Ket Pen (pictured) told Business Times that the integrated infrastructure company is eyeing road and bridge repair works, as well as highway maintenance, adding:
“We like Libya as it offers good contract prices. The contracts are based on direct negotiations, which means there is no competitive bidding that will squeeze the margins.”
Protasco won two road projects several years ago worth a combined RM250 million, completing 60 percent of the works before fleeing the revolution in 2011.
“The job balance is worth about RM110 million and we have resumed works. We have gone back to Libya to cash in on the situation. We hope that by completing the two roads, we will get more jobs there,” Chong said. “We will be claiming between RM20 million and RM30 million in damages for the loss of expenses in the two years of the war, depreciation of machinery, overheads and price escalation”.
Libya is expected to invest US$140 billion (RM462 billion) in projects over the next decade.
(Source: Business Times)