Ukrainian port project on hold

Beijing Interoceanic Canal Investment Management Co (BICIM) said its deep water port project in Crimea is now suspended, without plans to restart, China Business News reported on Tuesday.

BICIM signed a deal with a Ukrainian firm on December 5, 2013 to work on a port and affiliated industrial park project, worth up to $10 billion, in the Crimean peninsula.

The company said in a statement sent to the China Business News on Monday that the project was put on halt due to "well-known reasons."