Chinese firms have invested more than $1.9 billion in Russia’s Far East development projects, according to Russian news agency Sputnik.
An unnamed source at the Russian Far East Development Ministry said more than 31 agreements with a range of companies worth $2.6 billion have been signed by the Russian Far East Development Corporation. Investment from Beijing accounts for 75 percent of all the funding, the source added.
The Chinese money will be used in a wide range of projects, particularly in building an oil refinery and a logistics center, as well as the construction of a cement factory and a plant for reclaiming ferrous scrap metal.
The Russian Far East Development Corporation has already received over 109 applications for investment of $6.4 billion in local projects. So far it has approved 60 applications for ventures worth $3.8 billion.