Eurotunnel Essay

3756 words - 16 pages

CONTENT
Page
Abstract……………………………………………………………………………. 2
Literature review…………………………………………………………………… 3
Eurotunnel……………………………………………………………… 3
Impacts of Eurotunnel…………………………………………………… 3
Crossrail………………………………………………………………… 4
Impacts of Crossrail…………………………………………………… 5
Analysis…………………………………………………………………………. 6
2.1 Eurotunnel…………………………………………………………………… 6 2.2 Crossrail……………………………………………………………………… 7
Findings………………………………………………………………………………… 8
Conclusion………………………………………………………………………………… 9
References……………………………………………………………………………… 10

ABSTRACT

Project management is the process of defining, planning, monitoring, controlling and delivering ...view middle of the document...

LITERATURE REVIEW

1.1 EUROTUNNEL (ET)
Veditz, (1993) describes the Euro tunnel, which is also known as the channel tunnel as the largest privately financed engineering project in History, with 32 miles in length the tunnel stretches beneath the English channel from Cheriton, Kent in England to the town of Sangatte in the Nord Pas-de-Calais region of France. The channel is a critical link in the emerging high-speed rail system that is intended to give Europe the finest transport network in the world. The tunnel has 3 tunnels; 2 main rail tunnels (Northbound and Southbound) between which is a smaller diameter service. Pompee, (1995) also describes the Eurotunnel as a bi-national company formed by channel Tunnel Group (UK) and France Manche S.A (FR). Construction on the Chunnel actually began in 1922 on both sides (at Dover and Calais) but was halted because of government opposition.
However by 1984, the two governments had come to an agreement and jointly issued an invitation to a promoter. Britain won the financing issue since the successful bidder would have to raise all financing from private sources without government aid. The bi-national company, Channel Tunnel Group/ France Manche S.A (CTG/FM) won the bid to become the owner and operator of the project until 2042 since their proposal was compromise solution, relatively safe in that, it depended on proven technology and looked financially viable, Veditz (1993). Eurotunnel then contracted Trans Manche Link (TML) thereby generating a proper client-contractor relationship at the heart of the project. To finance the project, ET sought both equity and loan capital, the latter being to some extent conditional on the former. Veditz (1993) loans were raised through a consortium of 206 international banks of which few were British. The Chunnel was to be built using a TBM (Tunnel-Boring Machine). It took approximately 13,000 technicians, engineers, and workers to complete the Chunnel by 1994. The project was first estimated at £4.9bn however it went way over budget close to £12bn according to Hereford, (2003).

1.2 IMPACTS OF EUROTUNNEL
ET has generated employment in its operation and maintenance. For instance thousands of people have been employed in Kent (Britain) and in Nord-Pas –De Calais (France) where unemployment used to be very high as of the time Eurotunnel was not completed as noted by Veditz, (1993).
Also the tunnel was expected to have a positive impact on Britain and France by creating opportunities for tourism in both countries and to increase the size of the potential continental tourism market tapped by Kent as well as attracting more of UK markets due to the infrastructure development. (Hay et al. 2004)
On the other hand ET can be described as a ”mixed blessing” project because though it seems to have positive impact on the economy, transportation and many more, it also has very severe negative impacts which made people fight against it....

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