Apr 10, 2014

Bukit Asam to Invest $900m in Myanmar

Indonesian State-controlled coal miner Bukit Asam expects to invest up to $900 million in Myanmar, building a number of projects there including a coal-fired power plant, its finance director said.

Achmad Sudarto said the Jakarta-based company had inked a deal with strategic partners in Myanmar, a country that is rapidly liberalizing its economy and opening up investment to foreign companies. “We have engaged with a local company there, but we cannot reveal the name yet,” he said on Thursday.

Achmad said that for the first phase of the deal, Bukit Asam would develop a 2×100-megawatt coal-fired power plant, before moving on to building another plant double the size. He said the estimated the cost for the first plant was $350 million to $450 million. The second plant would cost up to $450 million to construct.

Source: Times of Myanmar