Spanish construction and services firm Sacyr Vallehermoso said it has signed two contracts worth 300 million euros to build homes and public works in Libya through its subisidiary Svlidco.

The deals involve the construction of homes, as well as public services such as drinking water, gas, electricity, telephones and roads, in the city of Benghazi on Libya's northern Mediterranean coast, it said in a statement.

In December 2008 the company signed a contract through Svlidco worth around 400 million euros (600 million dollars) to carry out similar works in the Libyan town of El Beida.

Sacyr holds 60 percent of Svlidco while the remaining 40 percent belongs to the Libyan Company for Development and Investment, a firm owned by the Libyan government. The joint venture was established in December of last year.

Sacyr posted revenues of 3.3 billion euros during the first half of 2009, a 24.1 percent increase over the same time last year.