One of the major outstanding issues of the Northern Road Axis of Crete (BOAK) is finally closed, with the agreement between GEK TERNA, Aktor, and Metka, which forms the final partnership for the implementation of the project. This development marks a crucial step for the full development of Crete’s largest road project, worth 2 billion euros, ensuring the financial, technical and organizational basis for its advancement.
The BOAK is a project of strategic importance for the island as it is expected to drastically improve road safety, reduce travel times and enhance the overall development dynamics of the island.
The agreement and the distribution of shares
Under the agreement, GEK TERNA retains the leading role in the concession and operation scheme with a 40% stake, while Aktor holds 36% and Metlen Energy & Metals holds 24%. This distribution reflects the balance between the partners and strengthens the financial and technical basis of the project.
On the construction side, Metlen participates through METKA, the group’s construction subsidiary, which takes an active role in the project implementation, marking its entry into the BOAK and expanding its activity in the field of major road infrastructure. The respective percentages in the construction consortium are GEK TERNA 40%, Aktor 30% and Metka 30%.
The other contracts in the BOAK
Unlike Metka, which is entering the project for the first time, GEK TERNA and Aktor already have an active presence in BOAK, participating in the construction of individual sections of the motorway.
Specifically, in the 22.5 km long section Hersonissos – Neapolis, which is being implemented through a Public-Private Partnership (PPP), the contractor is a consortium with the participation of GEK Terna, Aktor, and its subsidiary Aktor Concessions, which is the group’s main arm in the concessions sector.
At the same time, in the 14.5 km-long Neapoli – Agios Nikolaos section, which is being constructed as a public project, the contractor is Aktor, which has already developed construction sites in the area.
The existing presence of the two groups, combined with METKA’s entry into the concession section, creates an integrated and strong construction structure for the entire project.
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