BEIJING: State-run Metallurgical Corporation of China Ltd. (MCC) says it has halted multi-million-dollar projects in Libya, the latest Chinese firm to shut down in the strife-torn country. The company has two projects in the North African nation through its subsidiary China First Metallurgical Group Co. Ltd, the parent firm said in a statement filed with the Hong Kong Stock Exchange late on Wednesday.
"As the situation in Libya remains in turmoil, all First Metallurgical projects have been suspended," it said.
"Given the uncertain situation in Libya, future development of the above projects remains unclear."
The company added that it had evacuated its employees from Libya. One contract is with the Libyan government to build 5,000 homes and auxiliary facilities, while the other is a civil engineering project related to a cement factory production line, the statement said. With the projects only partially complete, the remaining value of the contracts is around 5.13 billion yuan ($781 million), or about two percent of MCC's total outstanding contracts as of the end of 2010, it added. A number of Chinese firms have halted work and pulled staff from Libya, where a popular uprising against leader Moamer Qadhafi has led to chaos and triggered a mass exodus of foreigners. Rail builder China Railway Construction said Wednesday its three projects in Libya with a total contract value of $4.24 billion were in jeopardy, with only a sixth of the work completed. China State Construction Engineering also said this week that a half-finished 17.6 billion yuan project launched by the company to build 20,000 homes was suspended. China National Petroleum Corp (CNPC), the nation's largest oil and gas producer, said Monday it had halted production in Libya and evacuated all its employees. China has launched an air, sea and land operation to evacuate nearly 36,000 citizens from Libya. Most worked in the oil, rail and telecoms sectors, Chinese state media have said.
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