Hong Kong [China], Apr.4 (ANI): Four top Chinese companies are reportedly keen on clinching multibillion contracts to upgrade Pakistan's dilapidated railways infrastructure.
According to the Express Tribune, these contracts come under the USD 8 billion ML-I project of the China-Pakistan Economic Corridor (CPEC).
The China Railways Group, a Fortune 500 company known as CREC, and the China Communications Construction Company (CCCC), the largest international engineering procurement and construction (EPC) contractor of Asia, are among the four Chinese companies competing for the ML-I project.
Pakistan Railways to renovate 31 more stations. Pakistan would pick one of them to complete the project in two phases.
Officials from these two companies recently briefed South Asian media representatives in Beijing about their interest in investing in Pakistan.
The Express Tribune quoted Federal Minister for Planning, Development and Reform Ahsan Iqbal, as saying on Monday that he expected the financing agreement for ML-I project to be signed next month on the sidelines of the OBOR Summit being held in Beijing.
The ML-1 Railway Upgrading and Reconstruction project is 1,872 km in length. It is composed of five sub-projects, which is ML-1 line and 1,872 km upgrade of Harvey connection line, new line 2, new Harvey land connecting harbour, station comprehensive development and the renovation of railway institute training centre, respectively.
The early stage of the projects is the soft soil treatment, rail replacement, the reconstruction of the bridge culvert tunnel, reconstruction of crossing and vehicles, new lines construction and signal renovation, etc.
The project would comprise two phases - the short-term to be completed by 2020 and long-term by 2030. The short-term planning is further divided into two stages, which is Phase I to be finished in 2018 and Phase II, to be finished in 2020. The long-term planning is Phase III, with an expected completion from 2025 to 2030, said the company official. (ANI)