Portugal may build new F1 track
It will be called 'The International Autodrome of the Algarve' and also include a five star hotel and technology park.
Final approval for the project is expected within six to eight months, project director – of the Parkalgar company – Paulo Pinheiro said.
An environmental impact study is already under way.
In a joint statement, published recently by the Ministries of the Environment and of the Economy in Portugal, the proposed International Autodrome of the Algarve project in Portimão was declared of great importance for the region and in the public interest for a number of reasons. Not least because the new race track will mean an investment of about 100 million euros and will create about 1,500 jobs in the region.
Paulo Pinheiro, director of the project that is promoted by company Parkalgar, was reported as saying that the official recognition that the race track is in the public interest will be the foundation stone for the whole process of gaining approval for the project.
The International Autodrome of the Algarve will include, besides an F1 race track, a go-karting track, a five star hotel, 160 tourist apartments and a technology park. The final approval for the project is expected to happen within six to eight months. And Parkalgar expects to begin building work within the year.