France’s TOTAL Company Suggests Local Fuel Dealing to MIC

DENKO fuel station being opened in Mawlamyaing Township, Mon State (Photo-DENKO Facebook)

France-based Total Company has proposed a local fuel deal in cooperation with the Denko Trading Co. Ltd., to Myanmar Investment Committee (MIC). They have requested approval from the Ministry of Electricity and Energy, according to Directorate of Investment and Companies Administration (DICA).

“Currently, MIC has allowed Puma Energy to invest in the fuel sector. Total and Denko are now awaiting approval of the respective ministry. If the ministry will give permission for two companies, MIC is going to allow them. However, the two companies must be given permission from the respective ministry in accordance with the notification 15/2017. And then, MIC plans to allow them after reporting their suggestion at the fresh meeting,” said Hsan Myint, DICA’s Deputy Director-General.

MIC had allowed Singapore-based Puma to be part of the local fuel market. The company already invested US$92 million in Myanmar’s Thilawa terminal.

Built by Puma Energy and its local partner Asia Sun, the terminal officially opened for business at Thilawa Port on May 6.

Foreign investors are very keen to open petrol and fuel filling stations in Myanmar but they must get the approval of the Electricity and Energy Ministry concerning fuel distribution and techniques.

 

Source: Eleven Myanmar

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