Jul 28, 2012

Myanmar to privatize oil refineries as refining processes decline

Myanmar authorities are planning to privatize all state-owned oil refineries in a bid to turn them into effective operation, local media reported Thursday.
Oil refinery in Yangon region's Thanlyin township will be the first of its kind to be privatized which is expected by late this year , said Biweekly Eleven News.
Most of the refineries are out-dated, the report added.
The three existing oil refineries in Myanmar are Thanlyin oil refinery, Mann Thanpayarkan oil refinery and Chauk oil refinery, which can totally produce 7,500 barrels of oil. Of them, Thanlyin oil refinery can produce 11,000 barrels of light oil per day.
In the fiscal year 2012-13, Myanmar has targeted to extract 7. 156 million crude oil, of which 3.435 million from inland blocks and 3.721 million from offshore blocks.
It is also expected more crude oil could be extracted from offshore block of Tanintharyi and more oil blocks will be developed in Magway, Bago and Ayeyawady regions in the same fiscal year.
Meanwhile, Ministry of Energy is cooperating with ASEAN Council on Petroleum (ASCOPE) to share technologies and equipment for oil and gas exploration, production, refining and commercial sectors.

Source: Xinhua