Dubai-based construction firm, Arabtec Holding has dismissed as “baseless” reports that it had withdrawn from building the Gazprom tower in Russia due to political events in Ukraine, and said it will continue with the development of the project in St. Petersburg, Xinhua has reported. The project is well underway in accordance with the schedule agreed with Gazprom, a spokesperson for the firm said. “Arabtec is proud of the strong relationship that it has built with Russian organisations, and the company will continue to strengthen its presence in the country by working on local projects with the highest international standards,” the spokesperson said. Gazprom awarded Arabtec the Dhs453m ($123.3m) project in October 2012. Upon completion, the 462-metre tower will be the highest tower in Europe.