Kyaukphyu Deep Sea Port Project: Addendum signing to prepare Concession Agreement

Addendum signing ceremony to prepare the Concession Agreement for the implementation of the Kyaukphyu Deep Sea Port Project took place on Tuesday at the Horizon Lake View in Nay Pyi Taw.

Deputy Prime Minister Union Minister for Transport and Communications General Mya Tun Oo, Union Minister at the Union Government Office (1) U Aung Naing Oo, Chinese Ambassador to Myanmar Mr. Chen Hai and Vice Chairman and President of the CITIC Group Corporation Mr. Xi Guohua attended the ceremony and gave speeches.

It’s learnt that in order to advance the implementation of the Kyaukphyu Deep Sea Port Project, a Concession Agreement was signed in November 2020 between the Kyaukphyu Special Economic Zone Management Committee and the Myanmar-China joint venture company known as the Kyaukphyu Special Economic Zone Deep Seaport Company Limited.

To speed up the substantial progress of the Project, both Myanmar and China sides conducted several rounds of negotiations to achieve more precise understanding of the signed Concession Agreement and further clarification of both sides' respective rights and obligations, the Chairman of the Kyaukphyu Special Economic Zone Management Committee and the Authorized Representative of Kyaukphyu Special Economic Zone Deep Seaport Company Limited have just signed a Supplementary Agreement (Addendum), with the purpose to expedite the promotion of the Project.

As a mega infrastructure development project, the Project will be jointly invested by Myanmar side (holding 30% equity) and China side (holding 70% equity). The Project will be developed in four Phases, with 10 berths in total to be constructed and a design capacity of 7 million TEU.

Once completed, it will become Myanmar's number one international deep-sea port, serving as a logistics hub connecting Asia, Africa, and Europe and acting as a gateway to the world.