CREC wins $7.5b railway contract from Venezuela

• Source: Global Times
• [16:17 August 03 2009]
• Comments

China Railway Engineering Corporation (CREC) successfully won a railway construction contract worth $7.5 billion for Venezuela and would transfer the contract to China Railway Group Ltd., which made the announcement Aug. 2.

In its report, China Railway Group Ltd.'s controlling shareholder, CREC has signed a contract to design and construct a railway between Tinaco and Anaco, two Venezuelan cities, with the South American country's National Railway Bureau on Jul. 31.

The contract is worth 51.22 billion yuan ($7.5 billion), or 22 percent of China Railway Group's revenue in 2008.