State-run China Railway Construction, which has evacuated most of its employees from Libya, says billion dollar projects are in jeopardy. A statement to the Shanghai Stock Exchange explained: ”Due to increasing turbulence in Libya and attacks against some of the company’s camps, all projects of the company have been suspended. Given the uncertain situation… the preservation of equipment and materials on site and subsequent development remain unclear.”
The company’s three projects in Libya have a total contract value of $US4.24 billion. Only about a sixth of the work, or $686 million’s worth, has been completed, according to the statement. The remaining $3.55 billion’s worth of contracts accounted for 2.3% of the company’s total outstanding contracts globally, it said.
The media reported China launching an “air, sea and land operation, to evacuate more than 30,000 citizens from Libya,
working mainly in the oil, rail and telecom sectors.