PowerChina considering building grain terminal in Transbaikal Territory
KHABAROVSK. April 26 (Interfax) - China's PowerChina is considering building a grain terminal for deliveries of products and raw materials to China, according to the Russian Ministry for the Development of the Russian Far East.
The project would involve the creation of automobile and railway infrastructure and would be implemented over the course of eight years.
"At the first stage, a terminal with a shipping capacity of 8 million tonnes a year would be built. The second stage (two years) would include increasing the terminal's shipping capacity to 12 million tonnes a year," reads a statement distributed after a meeting between Russian Deputy Prime Minister and Presidential Plenipotentiary to the Far East Yury Trutnev and PowerChina head Yan Zhiyong.
The company is planning to implement a project involving the Russia-China Investment Fund for Regional Development (IFRD) with support from the Far East Investment and Export Agency.
The ministry did not specify the size of the proposed investment.
PowerChina, one of China's biggest power-engineering corporations, was founded in 2011. The company is controlled by China's State-Owned Assets Supervision and Administration Commission of the State Council. PowerChina, in turn, controls Sinohydro, Hydrochina, SEPCO, and Hypec, through which it implements projects in 80 countries.
The IFRD was created in 2017 as part of efforts to intensify and broaden Russian-Chinese trade-economic cooperation. The IFRD invests directly in Russian companies together with leading global investors. It focuses on nuclear energy and medicine, mineral production, infrastructure, and logistics. Its management company is registered in Moscow.