(Yicai Global) April 9 -- China Harbor Engineering Co., a state-owned marine engineering contractor, has penned a deal to dredge a Ukrainian port in the Black Sea just months after completing a similar project in the country.
CHEC signed the deal in Kiev with the Ukrainian Sea Ports Authority, state-owned Chinese news agency Xinhua reported. It will clear out two million cubic meters of silt from a port in the southern city of Odessa for USD15 million, and expects to complete the work by year-end.
The contractor beat four rival bidders from Ukraine and the rest of Europe, saving the buyer around USD1.5 million, according to a Ukrainian government official. CHEC finished dredging a port in southern Ukraine earlier this year, completing the project three months ahead of schedule and winning favor with the local government, he added.
CHEC is a subsidiary of China Communications Construction Co., the country’s largest port construction and design firm. The unit is responsible for developing overseas markets and covers more than 80 countries and regions, with contracts under construction worth more than USD19 billion.