Sep 28, 2012

Russian Companies Hold Talks With Myanmar on Developing Oil Ties

Russian companies are seeking a role in Myanmar’s oil and gas industry as the Southeast Asian nation prepares natural-resource auctions after the removal of U.S. sanctions, the Russian embassy in Yangon said.

Companies are in talks with Myanmar’s Energy Ministry and state oil producer to gather information on available resources and are studying terms for foreign participation, the embassy said in an e-mail, without identifying any of the companies.

The U.S. dropped economic sanctions in July following Myanmar’s elections. Russia, which hadn’t supported the imposition of sanctions outside the mandate of the United Nations, welcomed their cancellation, according to the embassy.

OAO Gazprom (OGZD), Russia’s gas-export monopoly, is one company seeking to develop relations with Myanmar, according to information on its website.

Source: BloombergBusinessweek