Losses of Chinese companies in Libya still under calculation

08:58, March 03, 2011      

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China Railway Construction Corporation Ltd. (CRCC), owned by the State Council, announced on Tuesday that it is suspending its projects in Libya as unrest continues in the North African country, according to the China Business News Wednesday.

The company currently conducts three projects in Libya, which involves a total capital of $4.237 billion.

In addition, the company plans to withdraw its employees and equipment from the area, and it is still not certain whether the business in the country will continue.

Similarly, CRCC, China State Construction Engrg. Corp. Ltd. (China Construction), Sinohydro Corporation and China Communications Construction Group (CCCG), are also suspending business in Libya.

Losses to Chinese companies caused by the unrest revolve on two parts: capital assets and advanced payment of projects, said Jia Like, a senior officer in the State-owned Assets Supervision and Administration Commission (SASAC).

Chinese governmental departments, like the Ministry of Commerce (MOC), are calculating thorough losses of Chinese companies with projects and businesses in the country.

Middle East and North Africa are a key market for China's off-shore constructions and engineering companies. About 75 Chinese companies are operating in Libya, involving about 36,000 staffs and 50 projects, but at least 27 Chinese construction sites or camps had reported being attacked and robbed, as of last Wednesday.

Source: Global Times
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