02 Mar '11, 6am

#wjt China halts Libya railway projects - Channel News Asia: China halts Libya railway projectsChannel News... #ccm

SHANGHAI: State-run China Railway Construction said Wednesday that its billions of dollars of projects in Libya were in jeopardy after it was forced to suspend them due to ongoing unrest. "Due to increasing turbulence in Libya and attacks against some of the company's camps in Libya, all projects of the company have been suspended," it said in a statement to the Shanghai Stock Exchange. "Given the uncertain situation... the preservation of equipment and materials on site and subsequent development remain unclear," it said, adding that most of its employees in the strife-torn country had been evacuated. The company currently has three projects in Libya with a total contract value of $4.24 billion. Only about a sixth of the work, or $686 million worth, has been completed, according to the statement. The remaining $3.55 billion worth of contracts accounted for 2.3 per cent of...

Full article: http://www.channelnewsasia.com/stories/afp_asiapacific_bu...

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