Foreign companies permitted to operate petroleum business

The Myanmar Investment Commission has granted licenses for six foreign companies to operate petroleum business in oil and gas blocks located in Inndaw-Yanan area and Zeephyutaung-Nantaw area, Sagaing Region; Taungoo-Pyinmana area, Thaekone-Shwetu area, Maraman area and Pyay area, Bago Region; Myinthar area and MyanAung-Shwepyithar area, Ayeyarwady Region and Kyautkyi-Mintone area, Magway Region.

The licenses were issued on July 18 for India-registered ONGC Videsh, Brunei-registered Brunei National Petroleum, United Arab Emirates-registered Pacific Hunt Energy, Luxembouarg-registered CAOGS, Netherlands-registered Bashneft International and Liberia-registered PetronasCarigali Myanmar.

The commission screened the companies based on reports and recommendations from ministries, organisations and regional governments.

China and Thailand rank as two top investors in Myanmar. Energy sector attracts most foreign investment and the construction sector is at the bottom list.

Australia, British Virgin Islands, Brunei, Canada, India, Indonesia, Italy, Luxembourg, Malaysia, Netherlands, Pakistan, Russia, Singapore, Switzerland, Thailand, Vietnam and Azerbaijan are on the list of countries applying for the operations of petroleum blocks.


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