Libyan Crisis Hit Chinese Firms

 Econintersect:  Several Chinese companies have operations in Libya and their activities there have been disrupted by the unrest which has basically become a civil war.  Shanghai Daily says that there are 13 government owned Chinese companies affected.  Yesterday (March 2, China time) China’s Ministry of Foreign Affairs said that 35,860 Chinese citizens have been evacuated from Libya and 20,745 have returned to China.The companies that are mentioned specifically in an article by Shanghai Daily:

• China State Construction Engineering Corp
• China Railway Construction Corp
• China Gezhouba Group Co

The article stated that there are 75 Chinese companies, most of them privately owned, operating in Libya employing more than 36,000 Chinese.  Almost all of these have been evacuated.

Stocks of affected companies listed on the Shanghai stock exchange have fallen several percent in recent days.

Source:  Shanghai Daily