Oil prices, general elections weigh on Myanmar’s economy

SINGAPORE: The drop in oil prices and uncertainties surrounding Myanmar’s general elections later this year are weighing on the country’s economy, as it prepares to halt oil block auctions and braces for a drop in foreign direct investment (FDI). In an exclusive interview with Channel NewsAsia, Myanmar’s Union Minister for energy Zay Yar Aung says […]

Myanmar to draft two new investment laws

Japan remains committed to Myanmar Japanese companies invested US$22.8 billion in Singapore, Thailand, Indonesia, Malaysia, the Philippines and Vietnam in 2013, according to the Japan External Trade Organisation (JETRO). The trend is strong, following the first wave of Japanese investment in the 1980s and 1990s, which helped build up automotive and electronics sectors in Thailand, […]

Most foreign investment goes into natural resources sector, says MIC chairperson

Zay Yar Aung, chairperson of the Myanmar Investment Commission (MIC) told a parliament session yesterday that foreign companies have invested at least US$39 billion in 522 businesses to date, most of which has gone into the natural resource sector. He said according to MIC data, between the introduction of the Foreign Investment Law on November […]

Shell Inks Contract to Explore 3 Offshore Oil and Gas Blocks

RANGOON — Royal Dutch Shell and its Japanese partner Mitsui Oil Exploration Co., Ltd. (MOECO) signed an exploration and production sharing contract with state-owned firm Myanma Oil and Gas Enterprise (MOGE) in Naypyidaw on Thursday for three offshore deep-water blocks. The contract allows Shell to assess the potential of deep-water blocks AD-9 and AD-11 off […]