World News

Chinese firms agree $11 billion deal in Cambodia

by AP posted Jan 4 2013 5:32AM
     PHNOM PENH, Cambodia (AP) - Two Chinese firms have signed an $11 billion deal with Cambodia to build a new railway, a port and a steel factory in the Southeast Asian country.
     San Sok Lika, an official with the Chinese-owned Cambodia Iron and Steel Mining Industry, said Friday that construction on the projects should begin by July.
     The projects include a 400-kilometer (249-mile) rail line which will run from a steel plant in northern Preah Vihear province to a port in Koh Kong in Cambodia's southwest.
     A recent statement issued by the two companies said the $11.2 billion deal was inked Dec. 31.
     Cambodia Iron and Steel is based in Cambodia's capital, Phnom Penh. The other firm, Steel Mining Industry, is based in China.
Filed Under :
Topics : Business_Finance
Location : Phnom PenhPreah Vihear
01/04/2013 5:32AM
Chinese firms agree $11 billion deal in Cambodia
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