Bumar looks set to win Iraq contracts

Construction machinery foreign trade company PHZ Bumar has reached an agreement with the Kuwaiti company Al Naba General Trading & Contracting Co. in its attempt to win contracts to reconstruct Iraq worth $5 billion. "We plan to create an international group, which will participate in these contracts," said Bumar president Roman Baczyński. He also estimated the total investment budget at $20-30 million. According to Baczyński, the group has other chances to secure contracts to rebuild railway lines, whose value is estimated at $2 billion. Budimex, Ciech, Kolmex and the Industrial Development Agency (ARP) are to be invited to participate in this latter project. However, Bumar is already on the verge of its credit limits as, "Our group has an annual turnover of zł. 650 million. Before we are remunerated we have to fulfill the contracts, for which we need to obtain loans. In the case of Iraq, we will need state guarantees," explained Baczyński. (Puls Biznesu, pp. 1, 11) M.M.