CHINA Railway Construction Corp, to be listed in Shanghai next month, said yesterday it has won two construction contracts worth a combined US$2.6 billion in Libya.
The contract to build a 352-kilometer west-east coastal rail project is worth 2.2 billion dinars (US$1.79 billion). The four-year construction project will be part of the Pan-Arabian and Pan-African rail networks. The other one for the 800-kilometer south-north railroad is worth one billion dinars and will take three years to build.
Construction for both projects will start in June, and upon completion, they will become the first mainline railways in the North African country, China Railway Construction said.
The Beijing-based company is China's largest railway and construction contractor in terms of contract values of new overseas projects, according to its listing prospectus.
Values for overseas contracts signed in 2006 totaled 43.9 billion yuan (US$6.1 billion), and more than doubled to 89.5 billion yuan for the first 11 months in 2007, it said.
"The winning of the Libyan contracts underscores the company's strong development posture and competitive edge in overseas business," it said.
China Railway Construction has launched its initial public offering and expects to start trading in Shanghai early next month.