Ulaanbaatar
Cabinet extends concession term for highway project
Society
Ulaanbaatar /MONTSAME/ At its regular meeting held on June 27, the Cabinet extended a concession period for ‘Altanbulag-Ulaanbaatar-Zamyn-Uud’ highway project. As the Government and Chinggis Land Development Group- New Development Way LLC made amendments to the Agreement, the date of validity and term of performance have been extended by six months.
Moreover, additional provision was reflected in the Concession Agreement that says if the concessionaire will not fulfill its duty on time, the Government will terminate the concession and will not carry responsibility for compensation, the loss of income and profit.
Over 97km auto road route related to projects such as ‘New Ulaanbaatar International Airport’, ‘Maidar city’, ‘Aero city’, ‘Transport and logistics center’, ‘Bogd Khan railway’ have not been defined. Moreover, there are areas that overlap or might overlap with road routes. Therefore, the Cabinet agreed to resolve land issues pursuant to relevant laws and regulations.
Moreover, additional provision was reflected in the Concession Agreement that says if the concessionaire will not fulfill its duty on time, the Government will terminate the concession and will not carry responsibility for compensation, the loss of income and profit.
Over 97km auto road route related to projects such as ‘New Ulaanbaatar International Airport’, ‘Maidar city’, ‘Aero city’, ‘Transport and logistics center’, ‘Bogd Khan railway’ have not been defined. Moreover, there are areas that overlap or might overlap with road routes. Therefore, the Cabinet agreed to resolve land issues pursuant to relevant laws and regulations.
E.Altanzul
