Mar 29, 2013

Myanmar gas exports to hit new record of nearly $4 billion, official says

Gas exports have already surpassed last year’s record of US$3.5 billion and are on track to total nearly $4 billion when the fiscal year ends at the end of this month, a commerce ministry official said.

He estimated that the total had exceeded $3.7 billion as of the middle of this month, basing his calculation on the total figure for the export of finished goods, which was $4.21 billion as of March 15. Natural gas is by far the top export in this category, he said, adding that other exports would account for $300 million to $500 million of this amount.

Gas exports will total nearly $4 billion this fiscal year, said the official who asked not to be named.

Gas exports have risen in value by about 75 percent since fiscal year 2006 when they totaled about $2 billion. In fiscal 2010 they totaled $2.5 billion and in the last fiscal year they reached $3.5 billion.

Next year is expected to see the value of gas exports surge again as the Shwe Gas project is expected to begin exporting in May and the Zawtika project by December.

Myanmar is poised to reap billions of dollars in annual revenue from the export of gas and other natural resources, but analysts warn the government need to keep their promise to make appropriate use of those funds in a transparent manner so that this resource windfall do not fuel corruption and instability.

Natural Gas Export Earnings (US Dollar Million)
Financial Year Amount
2006-2007 2039 .13
2007-2008 2520 .74
2008-2009 2384 .69
2009-2010 2926 .69
2010-2011 2522 .53
2011-2012 3502 .52
2012-2013 over 3700

Finished Goods Export Earning (US Dollar Million)
Financial Year Amount
2006-2007 2329 .46
2007-2008 2826 .07
2008-2009 2686 .18
2009-2010 3238 .9
2010-2011 2907 .95
2011-2012 4001 .22
2012-2013 over 4214

Source: Eleven Weekly Media