Monday, August 03, 2009

China to help Venezuela build $7.9 billion rail line

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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.”