Financial problems stall Venezuelan line

摘要

Construction has been suspended on a 468km railway in Venezuela because the government has failed to pay the Chinese contractor for work already carried out on the project. China Railway Engineering Corporation (CREC) formed a joint venture with Venezuelan State Railways (IFE) in 2009 to build the 468km line from Tinaco, 150km west of Caracas to Anaco in Anzoategui state. At around $US 7.5bn it is one of Venezuela's largest projects. However, the South China Morning Post last month quoted China Railway Group chairman Mr Li Changjin as saying that the government owes the company between $US 400m and $US 500m, and that work has stopped.