On September 23, Ukraine's Coal Ministry and China's State Development Bank signed a memorandum on cooperation in the coal industry, which, according to Ukrainian coal industry minister Yuriy Yaschenko, provides an algorithm for further implementation of investment projects.
Accordingly, the memorandum applies to three investment projects to be launched in the Lugansk and Donetsk regions in eastern Ukraine.
"Chinese experts have already arrived in Ukraine and they are now visiting the shafts. They will inspect the technical condition and consider how to implement these projects," Mr. Yaschenko said.
Earlier this month, on September 2, Ukraine's Coal Ministry and China's State Development Bank signed a framework agreement on financial cooperation, under which the ministry presented to the Chinese side a package of seven investment projects with an estimated cost of $1.3 billion.
In 2010, as a pilot project, Ukraine's Coal Ministry intends to implement projects for the restructuring of three coal mines totaling $120 million.