Aug 5, 2013

Ayeyarwady region government and PTTEP negotiate US$5 Billion investment

PTTEP from Thailand are in negotiation with Ayeyarwady region government to make investment in a deep seaport and other projects valued at US$5.5 billion, according to Kyaw Win Naing, Minister for Labour and Municipality of Ayeyarwady region government.

PTTEP will establish Amera Asia Company in Ayeyarwady region to implement the project, according to the minister.

The project span will be 15 years and the company will invest US$5.5 billion. The project is submitted to Myanmar Investment Commission (MIC), according to the government of Ayeyarwady region government.

The project is included Ngwe Saung-Chaung Thar deep seaport, three industrial zones in Pathein-Wakaema, four 700-Mega Watts electric generators and Pathein-Yangon expressway and railroad, the minister continued.

Moreover a company from Singapore are making negotiation with the government, according to sources.

Ayeyarwady region which is heavily relied on fishery, agriculture and livestock breeding has over 8 million populations and among them, more than 1.5 million people live in urban areas. According to the estimation made in 2012, it has only about 450,000 people who can work.

Source: Eleven Weekly Media