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    20 June 2012| last updated at 04:29PM

    Myanmar inks oil deals with foreign firms



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    YANGON: 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.

     

    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.
     
    “It was the first time in the history of Myanma Oil and Gas Enterprise to  sign nine agreements within such a short period,” the report said, without  giving financial details.
     
    “More significantly, Myanmar national companies were involved in all nine  agreements as partners,” it added.
     
    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.
     
    It said 10 foreign companies were exploring for oil at 24 offshore energy  fields, while eight overseas firms — as well as seven joint ventures with  local companies — were exploring 20 inland fields.
     
    “Many companies are contacting Myanma Oil and Gas Enterprise to explore for  oil and natural gas by investing at other inland and offshore fields,” it said.
     
    Myanmar’s reform-minded President Thein Sein said in a televised speech on  Tuesday that economic development would be at the centre of his next phase of  reforms, which aim to boost the role of the private sector.
     
    Critics say the rewards of the nation’s energy bounty have so far been  shared among foreign investors and the regime, rather than its impoverished  people. -- AFP

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