China is looking to take majority stake in Sea Port in Myanmar- Agencies

China is looking to take a stake of up to 85 percent in a strategically important sea port in Myanmar, according to documents reviewed by Reuters, in a move that could heighten tensions over China’s growing economic clout in the country.

 

Beijing has been pushing for preferential access to the deep sea port of Kyauk Pyu on the Bay of Bengal, as part of its ambitious “One Belt, One Road” infrastructure investment plan to deepen its links with economies throughout Asia and beyond.

 

A consortium led by China’s CITIC Group has proposed taking a 70-85 percent stake in the $7.3 billion deep sea port, according to negotiating documents seen by Reuters and three people familiar with the talks between the Chinese state-owned conglomerate and Myanmar’s civilian government.

 

The size of the proposed Chinese stake is substantially larger than the 50/50 joint venture proposed by Myanmar late last year, an offer rejected by CITIC, said two people involved in the talks.

 

 

– Agencies

 

 

http://morungexpress.com/china-seeks-85-stake-strategic-port-myanmar/

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