Foreign investors keen to open petrol stations

YANGON- Foreign investors are very keen to open petrol and fuel filling stations in Myanmar. The Myanmar Investment Commission (MIC) says companies have asked if they are allowed to open domestic fuel stations.

“Currently, no one has submitted a suggestion about the fuel market,” MIC secretary Aung Naing Oo said.

However, foreign investors had asked about rules and regulations for domestic fuel enterprises at the Directorate of Investment and Companies Administration.

Planning and Finance Minister Kyaw Win said the government planned to allow foreign investors into the local fuel market.

They will be allowed to open petrol stations. Investors must submit a proposal to the MIC after getting agreement from the Ministry of Electricity and Energy.

Aung Naing Oo said: “Previously, no foreigner was allowed to invest in fuel sectors as policy. We allowed only Myanmar citizens. With the incumbent government, foreigners will be allowed to invest in the fuel sector. But, those foreign investors must get an agreement with the Electricity and Energy Ministry concerning fuel distribution and techniques.

“Later, they must be submitted a proposal to the MIC,” he said.

Singaporean and US firms are very keen to have fuel enterprises in Myanmar together with local entrepreneurs.
Every Myanmar citizen is allowed to import, store and distribute fuel in accordance with the law. There is no limit on the fuel market.

Currently, there are about 80 fuel import and distribution companies.

Source: Eleven

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