Chinese businessman spearheading Nicaragua canal to help build Black Sea ports for Ukraine

BEIJING, China – The Chinese businessman best known for winning a contract to build a canal across Nicaragua announced he will spearhead a $3 billion joint venture to construct a deep-water port and refurbish the Sevastopol sea port on Ukraine’s Crimean Peninsula.

Wang Jing made the announcement Thursday in Beijing while Ukraine’s president was in Beijing to meet with Chinese leaders.

Wang, who made his fortune in finance and mining, also runs telecommunications firm Xinwei, which has operations in several countries including Nicaragua and Ukraine.

The ports project is to be a joint venture with a company called Kievgidroinvest. Its initial $3 billion phase is to include an economic development zone with industrial parks. The second phase, estimated at $7 billion, would include an oil refinery, liquid natural gas plant, airport and shipyard.