China invests cash, expertise in Argentine dams, railroad
China invests cash, expertise in Argentine dams, railroad
by Staff Writers
Buenos Aires (UPI) Aug 28, 2013
China is entering a politically sensitive partnership with Argentina to build two new giant hydroelectric dams to showcase the Asian nation's expertise in a region ripe for more trade with Beijing.
China has indicated it's ready to commit cash and expertise in Latin America at a time few other overseas partners of the region are ready to do either.
Argentine officials say a contract awarded to China for building the two dams is worth $4 billion. But it's not clear whether China will all invest all of the contract value in cash, or whether some of it will be in kind.
Officials said a consortium led by China, with several Argentine companies in tow, will finance the entire project.
Once completed, the dams in southern Argentina's Patagonia region is projected to meet at least 10 percent of the country's projected electricity demand during the next decade. Hydro-electronic power currently accounts for about one-third of electricity in the national grid, the rest met with nuclear and thermal power.
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