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Home  >>  Daily News  >>  Indonesia News  >>  Investment  >>  Chinese firm wins $4.8 bln coal transport network contract in Indonesia

26 March 2010

Chinese firm wins $4.8 bln coal transport network contract in Indonesia

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China Railway Group said Thursday it has signed a contract worth 32.8 billion yuan ($4.8 billion) to build and operate a coal transport network in Indonesia, reported AFP.

The deal with Indonesia's Bhakta Hill Pan Pacific Railway Corp includes a $1.3 billion construction project and a $3.5 billion maintenance contract, according to a statement filed with the Shanghai Stock Exchange.

The company said the value of the long-term contract is equivalent to around 14 percent of its 2008 revenue and would not have major impact on its 2010 financial results.

Beijing has an ambitious rail development programme aimed at increasing the national network from the current 86,000 kilometres to 120,000 kilometres (53,000 miles to 75,000 miles) by 2020, creating the most extensive rail system outside the United States.

China also plans to bid for contracts to build high-speed track in the US and is stepping up rail technology exports to Europe and Latin America, the official Xinhua news agency reported earlier this month.


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