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BBC Chinese: China Investing Heavily in Ukraine Port

BBC Chinese reported that Ukrainian President Viktor Yanukovich visited China on December 4. At the same time in Beijing, well-known Chinese investor Wang Jing announced a planned joint-venture to build a deep water port in Ukraine. Wang’s planned investment totals US$3 billion. Ukrainian domestic media have reported that the President conducted the planned visit to China in order to seek a Chinese loan of US$10 billion for the country’s immediate debt crisis. The first phase of the planned deep water port project costs US$3 billion. The second phase, which has an estimated cost of US$7 billion, will be funded by building an oil refinery, a liquid natural gas plant, an airport and a shipyard. Ukraine currently has a “strategic partnership” relationship with China. President Yanukovich is currently facing heavy political challenges in Ukraine. A senior U.S. official has reported that the United States supports Yanukovich’s opposition.
Source: BBC Chinese, December 5, 2013