CARACAS -(Dow Jones)- Venezuela hopes to improve its production and transport of iron after signing three agreements with Chinese companies, state media reported Tuesday.
According to the Venezuelan News Agency, the contracts include the purchase of mining equipment, the expansion of a port in the state of Bolivar and the enlarging of a shipping lane in the Orinoco River. The deals were inked on Monday, state media said.
According to Basic Industries and Mining Minister Jose Khan, the work encompassed by the agreements will be completed in roughly 18 months, state media reported. The accords, between the South American country and Wuhan Iron & Steel Group, China Railway Group and China Communications Construction Co., are valued at $473 million, according to the government release.
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