MIC Approves Another Offshore Oil and Gas Supply Base

The Myanmar Investment Commission (MIC) has approved an application to build an offshore supply base on Made Island, in Kaukphyu, Rakhine State, by the Myanmar Chemical & Machinery Company, according to an official MIC statement.

The base will be developed on 146.7 acres of land in the Made village. The approval was granted after gas was discovered at Block A-6 in Southern Rakhine earlier this month.

Several other offshore supply bases have also received approval. Two will be developed in the Ayeyarwaddy Region. Government-linked Myint & Associates received approval to build an offshore supply base in the Nga Yoke Kaung Bay area last May. A second company, SIM Co, received approval to build a base within the same area earlier this year, according to a SIM interview with Dealstreet Asia. SIM is currently exploring funding options for its development.

Meanwhile, a third company, Myanmar Offshore Supply Base (MOSB), received approval to build its base in the Mon State in July. The Singapore company is currently completing safety tests and training locals in the Mon State for positions at the base.

The oil and gas sector contributes to 23.6 percent of Myanmar’s total revenue, according to AMRO.

Source: Myanmar Times

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