Austrian construction company Strabag SE said Tuesday it has received a EUR434 million order to modernize the infrastructure in parts of Libya's capitol Tripoli.

The project, which has been commissioned by Libya's Ministry of Housing and Infrastructure, includes the construction of a water supply and sewage networks as well as the expansion of electricity and phone lines networks in Tajura, a district of Tripoli, Strabag said.

The project is Strabag's first in Libya.

With the contract, Strabag more than triples its African project portfolio to now total EUR639 million.

"With this new order and further promising projects being currently pursued, we feel certain that we will cross the EUR1 billion threshhold soon," said Strabag Chief Executive Hans Peter Haselsteiner in a statement.

Strabag is one of Europe's leading construction companies with around 60,000 employees, and an expected 2007 revenue of approximately EUR11 billion.
(Dow Jones)