Dec 17, 2012

American energy giants keen to invest in Myanmar

American oil and gas giants Chevron, Exxon Mobil and ConocoPhillips are planning to invest in Myanmar’s energy sector, according to the ministry of energy.

The companies conveyed their interest during a meeting between a Myanmar delegation and officials from American energy sector on December 10.

Minister for Energy Than Htay and Minister for Mines Dr Myint Aung led the Myanmar delegation during the meeting held at the ministry of national planning and economic development in Nay Pyi Taw.

The US State Department invited the Myanmar officials to study the process of oil, gas and mining industries in the Gulf of Mexico and America.

Chevron Corporation, ExxonMobil and ConocoPhillips are American multinational corporations headquartered in San Ramon in California, and Irving and Houston in Texas respectively.

Myanmar currently has foreign investment in Yadanar and Yetagun offshore oil and natural gas exploration projects.

America and other European countries relaxed sanctions on Myanmar and the US companies are planning to enter the market. They are now analysing Myanmar’s rules and regulations on foreign investment, tax, labour affairs, petroleum and natural gas sectors, according to sources.

Source: Eleven Media Group