Kyaukpyu Deep Sea Port (Construction)

Kyaukpyu Deep Sea Port

Locations

Type

Seaport

Status

Preparatory Works

Total Reported Cost

7.2 billion USD

Initiatives

Start Date

Start of Construction

2016

Planned Completion Date

Implementers

Operators

Funders

Source(s) Amount

Description

A CITIC Group-led consortium won the tender to build the Kyaukpyu Deep Sea Port in December 2015. Under the agreement, the CITIC Group will take a 70 percent stake, while the Myanmar government and 42 domestic companies hold the rest. Originally, a $7.2 billion 10-berth port was planned, but later on Myanmar started to renegotiate with the CITIC Group to scale down the project. Construction will be completed in four stages as originally planned but will not proceed to the next phase until certain demand conditions are met. In the first stage, worth roughly $1.3 billion, one wharf capable of mooring two to three ships will be built.