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SNC-Lavalin wins $500-million Libya contract

Montreal-based engineering giant SNC-Lavalin has won a major contract, valued at $500-million, to build a new airport at Benghazi, Libya.

The contract for Benina International Airport includes construction of a new international terminal, runway and other infrastructure, SNC-Lavalin said Monday.

"The new airport is a priority project for Libya and will provide an important additional gateway to the country's second largest city," said Riadh Ben Aissa, SNC-Lavalin's executive vice-president.

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The project is expected to be completed in 2010. The airport will handle five million passengers a year.

"We have been working in Libya for over 20 years, mainly on water-related infrastructure projects, so we are delighted with this new opportunity to participate in Libya's economic development by using another of our recognized areas of technical expertise," Mr. Ben Aissa added.

In early Monday trading on the Toronto Stock Exchange, SNC-Lavalin shares fell $1.55 to $42.50, a drop of 3.5 per cent.

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