business

Ukraine Seeks Chinese Investment of $1 Billion for Coal Mines

Ukraine seeks to get $1 billion of Chinese investments to develop its coal-mining sector, President Viktor Yanukovych said.

Agreements have been made with the Asian country to start a joint pilot project to upgrade the Melnykova mine in the Luhansk region, Yanukovych said today in Donetsk, also in east Ukraine, according to a statement on the president’s website.

Ukraine is actively looking for investments in coal mining as it seeks to increase safety, Yanukovych said. Coal production should rise by at least 10 percent a year, according to the president.

The eastern European country has about 12 trillion cubic meters of coal-bed methane, the president said. Coal-bed methane is a type of so-called unconventional natural gas that originates in coal seams and is drained from surface boreholes before mining starts.

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