Venezuela and the China Railway Engineering Co announced Monday that they have formed a joint venture to build a $7.9-billion railroad between the states of Cojedes and Anzoategui.
Venezuela has a 60% stake in the joint venture. The line is expected to be completed in 2011.
“The rail line will link grain and cattle production in the southwestern Cojedes state with oil fields in the eastern Anzoategui state,” said the announcement. “The line will ease and lower costs of cargo transportation within the country, particularly benefiting farmers, as well as workers at the Orinoco oil field.”