OREANDA-NEWS. June 23, 2011. On performance of the arrangements reached during the visit of the President of Ukraine Victor Yanukovych to China, the Ministry of Energy and Coal Industry of Ukraine carries out measures for the beginning realizations of the Frame agreement on financial cooperation between the Ministry of Energy and Coal Industry of Ukraine and the State bank of progress of the Chinese national Republic which was signed by Leaders of both states on September, 2, 2010.

The specified agreement provides granting by the Chinese side under the state guarantees of Ukraine about 1 billion US dollar for financing investment projects of technical re-equipment and modernization of domestic mines.

In extension of the bilateral cooperation, during visit to Ukraine of the Leader of Peoples Republic of China Hu Jintao, the Agreement between LPC "Lysychanskvygilla" and Scientifically-technological company "Tiandi" about technical re-equipment and modernization of mine named after D.F.Melnikov (LPC "Lysychanskvygilla") was signed on June, 20th, 2011.

Signing of the agreement is a basis for an embodiment of the pilot project which becomes following step on a way to realization of the Frame agreement, as well as receipt of a possibility of financing of modernization by China and constructions of new mines at a rate of up to 1 billion USD annually with use of others hypothecation mechanisms which will not provide the state guarantees.