PLA Contractor, AVIC, Wins $1.24 Billion Rail Project in Cairo, AVIC’s Second Rail Project in Egypt

The Aviation Industry Corporation of China (AVIC), a prominent PLA contractor, has won a $1.24 billion, 66-km light-rail project in Cairo in partnership with China Railway Group. Work is expected to commence by the end of Q3 and will represent AVIC’s second rail-related contract in Egypt, an oddity for a company that has largely stuck to its primary aerospace business in other markets. The light rail contract will boost China’s economic ...

China to Build New Construction Marketplace in Tehran, Paving Way for Increased Chinese Economic Activity in Iran

On August 16, Beijing Construction Engineering Group announced its expansion into Iran, building -- and providing 85% of the financing for -- a 90,000 square meter construction materials market in Tehran. Once complete, the marketplace will reportedly ease the procurement of materials by Chinese construction firms operating in the country (deemed vital for the timely completion of projects).

Sinopec Subsidiary, Addax Petroleum, Reduces International Presence Amidst Corruption Allegations

Starting August 9, 2017, Addax Petroleum, a Sinopec subsidiary, will start reporting directly to headquarters in Beijing following the shutdown of three of its international offices in Houston, Aberdeen, and Geneva due to corruption allegations. Notably, several Addax’s international offices are closing following the July 2017 payment of a total of $63.5 million to settle charges that the firm bribed Nigerian officials.