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Chinese Firm plans $11 BLN RAIL, port, Steel project in cambodia
PHNOM PENH, Jan 2 (Reuters) - Two Chinese companies have reached a deal to build a 400-km (250-mile) rail line, a steel plant and a sea port in Cambodia worth a combined $11.2 billion in what would be by far the impoverished country's biggest-ever investments.
Cambodia Iron and Steel Mining Industry Group has contracted the China Railway Group to build a railway to link a steel facility in northern Preah Vihear province to a port at the southern commercial island of Koh Kong, the company's chairman said on Wednesday.
The rail link and port would cost $9.6 billion and the steel plant $1.6 billion.
The deal is the latest sign of China expanding its footprint in the frontier economies of a booming Southeast Asia as the United States vies for influence in the region.
Loans and investment have won China some useful political allies in the 10-member Association of Southeast Asian Nations (ASEAN), which is set to become an integrated trade community by 2016.
All three projects in Cambodia would start this year and take up to four years to complete, chairman Zhang Chuan Li said.
" There is an important demand for transport of mined materials for export to China and to the world," Zhang told Reuters.
Cambodia Iron and Steel is a Chinese firm based in Phnom Penh and established in 2006.
The agreement was made on Monday and came three days after Sinomach China Perfect Machinery Industry Corp and Cambodian Petrochemical Company announced they would jointly build a $2.3 billion oil refinery, Cambodia's first, capable of processing 5 million tonnes of crude a year.
Chinese companies are also set to build a $7 billion, 400 km high-speed rail link through neighbouring Laos and are trying to win contracts to build new lines in Thailand.
" It must be the largest ever project in Cambodia," said Brimble, who has been involved in the ADB's rehabilitation work on 650 km of disused railway lines in Cambodia. " Perhaps it's easier to build a new one. Let's wait and see." (Editing by Martin Petty)
WA.. Midas 2013 contract TOO MANY till mad.. i wonder they can manage so many ORDER flowing to them anot.. i guess thailand, LAO and now cambodia all plan HIGH SPEED RAIL.. midas HUAT!!!
bishan22 ( Date: 27-Dec-2012 09:43) Posted:
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NICHOLASCHUA ( Date: 02-Jan-2013 11:19) Posted:
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Bopanha ( Date: 02-Jan-2013 09:35) Posted:
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Peter_Pan ( Date: 02-Jan-2013 09:23) Posted:
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CHIONG AH !!!!!!!!!!!!!!!!!!
Wonder what's the TP we are looking at?
dicksonh ( Date: 02-Jan-2013 09:13) Posted:
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Post : 31 December 2012 1551 hrs
Janice Chua, head of research (Singapore) with DBS Vickers Securities, said: "The government will hand out more contracts as they accelerate on fixed asset investments in the coming year. On top of it, urbanisation is a key theme for China and that should also drive contracts and investment."Many Hong Kong-listed companies are viewed as proxies to China's economic growth, but some analysts said several Singapore-listed companies with China exposure could also benefit. After all, Singapore's direct investment in China topped S$70 billion at the end of 2010, according to the Department of Statistics.Terence Wong, executive director at DMG & Partners Research, said: "With China improving, there will be interest in both Hong Kong and Singapore. It is going to be a rising tide that lifts the boats, both in Hong Kong and as well as in Singapore. I believe that in terms of S-chips, the general investor sentiment is still that of caution because of what had happened in the last few years"Brokerage firm DBS Vickers has tipped retail mall operators in China like CapitaMalls Asia and Perennial China Retail Trust to benefit from the anticipated increase in domestic consumption as more Chinese cities urbanise.Meanwhile, the revival of railway projects after a series of high-profile train accidents in China is also a bright spot for industry players.Both DMG and DBS expect orders for high-speed train parts to flow in for Singapore-listed aluminium train parts supplier Midas. This comes amidst renewed interest in high-speed train travel in China.Earlier in September, the Chinese government approved 25 urban rail projects that could be worth over US$126 billion.-CNA/ac
ztv5dhu9 ( Date: 24-Dec-2012 13:49) Posted:
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halleluyah ( Date: 24-Dec-2012 11:01) Posted:
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