One of the largest agreements ever seen in the Greek construction sector is now complete, ushering in a new phase of implementation for the North Road Axis of Crete.
After more than a year of negotiations, GEK TERNA, AKTOR, and Metlen finalized the establishment of a joint consortium to undertake the construction, concession, and long-term operation of the Chania–Heraklion–Kissamikos section of the project.
The agreement αφορά 187 kilometres of highway, a €2 billion budget, and a 35-year concession period, making it one of the most strategic infrastructure investments currently underway in Greece.
- €2bn concession for the Chania–Heraklion–Kissamikos section
- 187 km under a single concession framework
- 35-year concession period
- Full responsibility for design, construction, financing, operation, and maintenance
- Greece’s largest road project is currently in progress
Under the finalized structure, the concession and operation of the project are shared as follows:
- GEK TERNA: 40%
- AKTOR: 36%
- Metlen: 24%
In the construction phase, participation is slightly adjusted:
- GEK TERNA: 40%
- AKTOR: 30%
- Metlen (via METKA): 30%
Construction will be carried out through the joint scheme TERNA–AKTOR–METKA DIKTAION Consortium, with GEK TERNA maintaining overall control while integrating two strong strategic partners.
VOAK is not a standalone road. It is the backbone of Crete’s transport system.
With a total planned length of roughly 300 kilometres, including the already progressing sections Hersonissos–Neapoli and Neapoli–Agios Nikolaos, the project connects the island’s major cities, ports, airports, and tourism zones.
The Chania–Heraklion–Kissamikos segment alone:
- carries a €2bn investment,
- exceeds €700m in construction works,
- and includes long-term operation and maintenance, extending its impact well beyond the building phase.
The concession period foresees the first five years dedicated to studies and construction, followed by decades of operation.
AKTOR confirmed it has acquired a 36% stake in the concession and operating company. At the same time, its subsidiary, AKTOR ATE, holds a 30% stake in the construction arm. CEO Alexandros Exarchou described the agreement as a milestone marking the group’s return to a leading role in major infrastructure projects.
GEK TERNA retains its dominant position across concession, construction, and operation, strengthening its portfolio of large-scale transport projects and preserving flexibility for future tenders.
Metlen enters the project with a 24% concession and 30% of the construction works through its subsidiary, METKA. Executive Vice President Evangelos Chrysafis underlined the project’s national importance and its role in upgrading transport safety and efficiency on the island.
Readers may encounter the project referred to as VOAK or BOAK. This does not indicate two different road projects. Both terms describe the same infrastructure: the North Road Axis of Crete, known in Greek as Βόρειος Οδικός Άξονας Κρήτης (ΒΟΑΚ). The difference arises from the Greek letter Β, which is pronounced as “v” in modern Greek but is often rendered as “B” in Latin transliteration.
Beyond its scale, VOAK is designed to address long-standing issues of road safety, connectivity, and regional cohesion. It is expected to reduce travel times, improve accident statistics, and support economic activity across the island.
At the same time, its long concession horizon places the island’s primary east–west artery under a single operational framework for decades to come, making VOAK not just a construction project, but a defining piece of Crete’s future infrastructure.