Myanmar agrees to oil deals with foreign firms to spur development
AFPYANGON -- Myanmar has signed a raft of oil exploration deals with foreign companies, state media reported Wednesday, as the reformist government seeks overseas investment to spur economic development.
June 21, 2012, 11:21 am TWN
State-owned Myanma Oil and Gas Enterprise has inked nine agreements since early March to allow firms from Asia and Europe to explore for oil and natural gas, the Myanmar Ahlin newspaper reported.
The firms are EPI Holdings of Hong Kong, Geopetro International Holding of Switzerland, Petronas of Malaysia, Jubilant Energy of India, PTTEP of Thailand, Istech Energy of Indonesia and CIS Nobel Oil of Russia.
The report said the energy ministry had decided in principle to grant licences to foreign companies to invest in Myanmar only if they cooperate with domestically owned firms.