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State Grid secures US$1.31-bln contract in Venezuela

Jul. 4, 2012 (China Knowledge) - State Grid Corp of China, the nation's largest power supplier, last week signed a US$1.31 billion agreement with Venezuela's National Electric Corp to help the latter build power transmission facilities in the South American country.

State Grid said in a statement on its website that the agreement would be its first overseas grid construction contract and the largest power-transmission project built by a Chinese company in Venezuela by value.

The Chinese company will build power-transmission facilities in Caracas and nearby regions, according to the report.

In May this year, State Grid agreed to acquire seven high-voltage electricity transmission assets in Brazil from Spain’s Actividades de Construccion y Servicios S.A. and its subsidiaries for BRL 1.86 billion or approximately US$1 billion, including debt. This is the second acquisition by the buyer in Brazil and the fourth major one overseas, China Knowledge reported earlier.

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