230 kilometers of sewage lines

Three Gorges project leader China Gezhouba Group Corp. (SHSE:600068, CGGC) has been contracted to build a sewage treatment system worth 3.36 billion yuan (US＄ 470 million) for the capital of Equatorial Guinea, a corporate report said February 25.
CGGC said the contract terms are subject to inflation and payment risks. But it hopes to complete the sewer system within four years.

CGGC has been cultivating relationships in Africa. The general manager and vice general manager of CGGC reportedly met with heads of several African countries,doudoune moncler pas cher, including Equatorial Guinea and Nigeria, during the Beijing Summit and Third Ministerial Conference of Forum on China-Africa Cooperation in November 2006.
1 yuan = 14 U.S. cents

According to CGGC, the Equatorial Guinean National Project Office hired the Chinese company for the complex project in the island city of Malabo.


The engineering,abercrombie and fitch, procurement and construction contract calls for two treatment plants, three sewage stations, two pumps,doudoune moncler pas cher, a water tower, 230 kilometers of sewage lines,moncler quincy, water supply lines and rainwater drains. Inspection and gate shafts will be included.

State-owned CGGC was founded in 1970 for construction of the Gezhouba Hydropower Project on the Yangtze River, one of China’s earliest and most significant hydropower projects. The Three Gorges project, one of the world’s biggest hydropower complexes with a budget topping 20 billion yuan (US＄ 2.8 billion),doudoune moncler, began in 1993 and should finish next year.
A construction deal for a new sewage system in Malabo,franklin and marshall, the capital of Equatorial Guinea, is the latest example of Chinese business expansion in Africa.



The project is the third in Africa signed since last year for state-owned CGGC, which is best known as the main contractor for China’s huge Three Gorges Dam hydropower project. Last year, the company won contracts for Nigeria’s biggest hydropower project and a road upgrading project in Ethiopia.
For instance, China’s Hangxiao Steel Structure (SHSE:600477,franklin et marshall, HXSS) announced in February 2007 a memorandum of understanding with the Angolan government for a deal priced at more than 34 billion yuan (US＄ 4.8 billion). Later, Hangxiao revealed in its public report that the MOU hadn’t been implemented, and that the company might withdraw from the contract if the Angolian side fails to pay. The uncertainty caused HXSS stock prices to fluctuate wildly.

While Chinese companies have signed several fat contracts in African countries in recent years,doudoune moncler, some have been stained by political instability.
Equatorial Guinea has offered tax incentives to CGGC, and the Chinese contractor plans to launch the project only after it receives a prepayment equal to 30 percent of the contract value.


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Compiled by Caijing staff
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