YANGON -- Myanmar has agreed to scale down a Chinese-led port project in the western state of Rakhine, slashing the initial price tag to $1.3 billion from $7.2 billion over concerns about excessive debt.
The development is located in the special economic zone of Kyaukpyu, a natural harbor facing the Indian Ocean that is suited for large ships. They already have oil pipelines running to China and a port capable of docking 300,000-ton tankers.
