UPDATE 1-Impregilo wins 360 million euro Libyan contracts

* Contracts for works in Tripoli, Misurata

* Shares up 1.6 percent

(Adds detail, share price, background)

MILAN, June 30 (Reuters) - Impregilo (IPGI.MI) has finalised three new contracts in Libya worth about 360 million euros ($504 million), Italy's biggest construction company said, sending its shares higher.

Impregilo, which has been working in Libya for over 20 years, said on Tuesday the contracts were for works relating to electricity, telephone and sewage networks in Tripoli and Misurata.

Relations between Italy and its former colony Libya have improved substantially since Italian Prime Minister Silvio Berlusconi made a historic apology last year for atrocities committed during colonial rule.

During a visit to Italy this month by Libyan leader Muammar Gaddafi, Libyan officials said the country was interested in investing in Italian infrastructure companies such as Impregilo.

On June 14, Impregilo chairman Massimo Ponzellini told Reuters he was not aware of any approach by Libya's sovereign wealth fund to Impregilo's biggest shareholder, IGLI.

By 0901 GMT, Impregilo shares were up 1.6 percent at 2.5150 euros, a two-week high. The DJ Stoxx index of construction and building materials .SXOP was up 0.5 percent. (Reporting by Danilo Masoni) ($1 = 0.7143 euro)