Singapore based Hin Leong Group is planning to expand its business and start the distribution and selling of fuel products in Myanmar, according to Reuters News Agency.
Hin Leong Group has businesses in oil trading, bunkering, lubricants blending, diesel retailing, logistics support and storage support. The group is planning to expand their business in South East Asia including Myanmar.
“China, Myanmar, East Timor and Indonesia have needed fuel to develop their economy. We are importing fuel for them before but we want to provide more services,” the chairman of Hin Leong Group, told Reuters.
The group that is one of the top fuel suppliers to Myanmar is now planning to store fuel and expand distribution around Yangon.
“We are planning to sell fuel to customers directly in Myanmar, the least developing country in Asia. We are seeing the big international corporations entering Myanmar. Myanmar will be needed fuel more than ever,” he added.
The group will spend between US$100 million and 200 million to start the business in Myanmar. Although Myanmar has plenty of oil and natural gas, it cannot produce enough fuel to use locally. Myanmar is importing tons of fuel every month to meet domestic demand