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. Last Updated: 07/27/2016

BasEl, Strabag, DCH to Partner

KIEV -- Billionaire Oleg Deripaska's Basic Element holding, Austria's Strabag, and Ukraine's DCH Group set up a joint construction venture whose projects will include bridges and roads in Ukraine, Strabag said.

The three companies have equal stakes in Strabag Ukraine, Strabag said Wednesday. The venture will also build "commercial and residential property, new cement works, and invest in production of aggregates," the statement said.

"Ukraine, Russia and other markets in the region are very dynamic and promising, and we have large hopes for our future there," Strabag CEO Hans Peter Haselsteiner said in the statement. More than 11 percent of Strabag's orders come from Russia, he said. Strabag Ukraine will start working and appoint its CEO at the beginning of next year.