Ministry of Energy publishes details of offshore joint venture partnerships

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Ministry of Energy publishes details of offshore joint venture partnerships

On 7 April 2014 the Ministry of Energy published details of joint-venture partnership arrangements arising from the Myanmar Offshore Blocks Bidding Round 2013. The respective offshore blocks will be jointly developed by the following overseas and local companies:-

(Source: Ministry of Energy 7 April 2014)

UMFCCI and Myanmar Business Forum to develop economic action plan

The Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) will establish a Myanmar Business Forum (MBF) which will develop an economic action plan and make recommendations to the Government in relation to new legislation and regulations. The MBF will represent Myanmar SME’s and will meet with President Thein Sein every six months. The private lending arm of the World Bank, the International Finance Corporation, will provide support to UMFCCI on the establishment of the MBF. (Source: elevenmyanmar.com, 6 April 2014)

India’s Karam Chang Thapar offers technical assistance to mining projects in Chin State

India’s Karam Chang Thapar Chromites Exploration Company (KCT) has offered to provide technical assistance to mining projects in Chin State. KCT will commence mineral exploration at certain unspecified sites during an initial trial period. Collaborating local companies will contribute Ks 200, 000 per acre for gold exploration, Ks 100, 000 per acre for chromites and nickel, and Ks 50, 000 per acre for limestone. (Source: The New Light of Myanmar, 6 April 2014)

Ministry of Energy and Myanmar Petrochemical Enterprise to develop LPG plant in Nyaung Don

The Ministry of Energy (MOE) and Myanmar Petrochemical Enterprise (MPE) have invited expressions of interest in relation to a planned Liquefied Petroleum Gas (LPG) project in Nyaung Don. MPE intends to enter into joint ventures with foreign investors experienced in LPG production, storage, distribution, marketing and services. Applicants are requested to detail their financial capacity, suitability for long-term cooperation, expansion plans, and their ability to enhance the capacity of existing facilities at the Nyaung Don LPG Plant. (Source: The New Light of Myanmar, 6 April 2014)

Myanmar Post and Telecommunications to help bring sub-sea internet cable to Myanmar

The Myanmar Post and Telecommunications (MPT) have entered into an agreement to bring a sub-sea internet cable to Myanmar by 2016. The MPT is one of 15 signatories to an international construction agreement. The 20,000 kilometer cable – to be known as the SEA-ME-WE-5 consortium cable system – will stretch from Singapore to France, servicing 17 different countries en route. The new cable will have the capacity to transfer 100 gigabits of information per second. SEA-ME-WE 5 will come ashore at the seaside town of Ngwe Saung before continuing overland to Pathein, Yangon, Mandalay and China. (Source: Myanmar Times, 7 April 2014)

ONGC Videsh to take stake in a Myanmar oil and gas block

Indian state owned oil and gas producer ONGC Videsh Ltd (OVL), may still have an opportunity to participate in a deep-sea block in Myanmar despite losing out during the recent competitive bidding process. OVL has announced that it had agreed upon a mutual farm-in arrangement with an unnamed international oil and gas company in the event of an unsuccessful bid by either company. OVL’s farm-in share could be as much as 49% in the deep-water oil and gas block won by the international company. A total of 19 deep-water blocks were put out to tender during the bidding round. 13 blocks have been awarded to date. (Source www.thehindu.com 8 April 2014)

Myanmar’s prawn breeders target U.S market

The Myanmar Prawn Breeding and Dealers Association have announced it will focus on increasing trade with the U.S. U.S. demand for Myanmar produced prawns has increased steadily in recent years. Myanmar primarily produces and exports tiger prawns to the U.S., Japan and Europe. Myanmar’s Fisheries Department together with Singapore’s Gold Coin Company proposes to distribute ten million white prawn fingerlings to local breeders. (Source: elevenmyanmar.com, 8 April 2014)

International Finance Cooperation to establish power joint venture

The World Bank’s private lending arm, the International Finance Cooperation (IFC) and Yangon City Electricity Supply Board (YESB) will jointly develop a new power generation project. The IFC will take a 49% stake in a joint venture company with the Government taking the remaining share. The project aims to transform YESB into a semi-state company. The IFC is currently conducting research on electricity consumption, power charges and supply. (Source: Myanmar Business Today, 9 April 2014)

Ministry of Electric Power to spend US$12 million on new hydropower projects

The Hydropower Implementation Department of the Ministry of Electric Power will invest approximately US$8 million on developing hydropower projects on the Upper Yeywa River. Approximately US$8 million will be spent on the Thahtay hydropower project and approximately US$4 million a project at Upper Kengtung. The Myanmar Government plans to invest approximately US$243 million on various electrification projects in rural and urban areas as part of its play to modernise the nation’s domestic power supply. In Yangon, which continues to be affected by severe power shortages, the Yangon City Electricity Supply Board will develop projects in cooperation with Japan’s International Cooperation Agency and the Asian Development Bank. (Source: Myanmar Business Today, 9 April 2014)

President Obama to re-visit Myanmar

The U.S State Department has announced that President Barak Obama will make a return trip to Myanmar before the end of 2014. The visit will most likely take place in November as part of a round of meetings concluding Myanmar’s chair of ASEAN. President Obama is also likely to visit China and Australia. (Source; Myanmar Times Advance Edition, 14 April 2014)

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