Myanmar keen not to lose Kyaukpyu Port to China

<p>Singapore City [Singapore], June 12 (ANI): The Government of Myanmar is reported to be re-evaluating a Chinese investment project to develop the deep-water port of Kyaukpyu because of rising costs.</p><p>According to the Singapore daily Sinchew, the Kyaukpyu Port project is a part of China's One Belt One Road (OBOR) initiative. Beijing has invested an estimated USD 9 billion in the project.</p><p>A concerned Myanmar is anticipating a potential debt default, whichcould lead to losing control of Kyaukpyu.</p><p>The Sinchew is quoting unnamed Myanmar government sources, as saying that negotiations are going on with the Chinese to reduce the cost of the project.</p><p>Kyaukpyu is located in west Myanmar's Rakhine Province. That port offers China a direct path to the Indian Ocean from Southwest China, bypassing the Strait of Malacca.</p><p>If started, the Port of Kyaukpyu development project will be the largest infrastructure project in Myanmar's history.</p><p>The project is also located at the starting point of an oil and gas pipeline station leading to China's Yunnan Province. (ANI)</p><br/><center><em><p>This story has not been edited. It has been published as provided by ANI</p></em></center>

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