Myanmar to reap greater rewards in deep-sea port development project

  • Oct 25, 2017
  • Mizzima

Natural gas tanks in Madae Island, Kyaukpyu, Rakhine. Photo: Mizzima

Myanmar is set to receive a greater amount of the profit-sharing in a $7.2 billion deep-sea port development project in the town of Kyaukphyu in western Rakhine state, though negotiations with the main Chinese investor are ongoing, RFA reported on 24 October quoting a commerce ministry official.

A consortium led by CITIC Group Corporation Ltd., China’s state-owned investment company, is negotiating the profit-sharing deal with Myanmar officials for the deep-sea port, which is part of two development initiatives that also include an industrial park for a special economic zone and residential condominiums on 4,200 acres of land in Kyaukphyu, Ramree, and Manaung townships.

The Myanmar government awarded CITIC the tenders for both projects in 2015, the report said.