Saudis Lay 2,400 Miles of Rail to Ease Oil Dependence: Freight
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Saudi Arabia is laying 2,400 miles of rail lines, almost enough to stretch across the continental U.S., in a push to diversify from oil that will also benefit Saudi Basic Industries Corp. and Saudi Arabian Mining Co.
The construction in the kingdom, which relies on crude exports for 86 percent of government revenue, aims at developing mines of bauxite -- Saudi Arabia holds at least 11 percent of the world’s estimated deposits -- phosphate and precious metals. The first major rail line began running test shipments in May.