Myanmar’s energy sector has declined due to decades without proper investment.
The Asian Development Bank (ADB) assessed the country’s energy sector last October and approved an interim strategy including the construction of basic infrastructure and funding for social services.
But, ADB cannot proceed with these plans until Myanmar has cleared its debt.
As such, ADB has listed a number of investment opportunities in Myanmar’s energy sector, including: construction of gas power plants in Yangnon, construction of a 500kV transmission line from the north to the former capital city, and the rehabilitation of coal and gas-fired generation plants, refineries and natural gas pipelines.
Sanctions have been lifted and there are now many benefits for those who invest in Myanmar’s energy sector like new foreign investment law, tax exemptions and relief, as well as rich natural resources.
Stephen Groff, ADB vice president for East Asia noted that the country is rich in oil and gas reserves.
Than Htay, the Union Minister for Energy said that the ministry is working toward increased transparency in the energy sector to instill confidence in foreign and local investors.
“We welcome investors throughout the world who are interested in investing in Myanmar oil and gas sector. Myanmar is working to become a member of Extractive Industries Transparency Initiative (EITI),” said Htay.
Htay said that more than 100 oil and gas investors, including Cheveron and Conono Philips are talking to the Myanmar authorities.
– Kasey Beduhn
Source: devex, Eleven Myanmar