SHENYANG, China (Yonhap News) ― A Chinese company has been allowed to share the rights to use a northeastern North Korean harbor in a deal with Pyongyang, a move expected to accelerate China’s forays into the East Sea, a report said Monday.
The North forged the agreement on the use of the port of Cheongjin with the private firm based in the city of Tumen, Jilin Province, on Sept. 1, according to China’s Korean-language press Yanbian Daily, which caters to ethnic Koreans living in China.
Under the deal, Pyongyang and the company established a joint venture in charge of managing and utilizing two piers in Cheongjin Port for the coming 30 years, the news report said.
The Chinese firm invested nearly 9,430,000 euro ($12 million) in the port-sharing deal, or over 60 percent of the total capital, according to the newspaper.
The company is planning to start its first shipment through the port before the end of this year, it said.
Pyongyang signed a similar deal with another Chinese firm in 2008 to share its rights to use Rajin Port, just north of Cheongjin Port, paving the way for China to establish its presence in the East Sea area.
