May 4, 2014

Gas sector tops Myanmar’s export earnings with over $3B

The gas sector has topped Myanmar’s export earnings with over US$3.2B this financial year, according to the ministry of commerce.

Myanmar’s export sector is classified into six categories — farm products, marine products, industrial finished products (including exportation of natural gas), animal products, forest products and mineral products.

Export earnings of rice, broken rice, beams and pulses, corn, perennial crops, rubber, castor oil, cashew nut, mango, water melon, onion, garlic, turmeric and ginger has amounted to over $2 billion in its entirety.

The foreign investment in Myanmar’s oil and gas sector are greater than those in other sectors, reaching over $14 billion at the end of March this year. It accounts for 31.09 per cent of total foreign investment in the country, according to the directorate of investment and company administration.

Many foreign companies are investing in Myanmar’s oil and gas sector, and last month, the ministry of energy granted them permission to begin oil and gas exploration in 20 offshore blocks.

The winner bidders are Shell, Chevron, Conocophillips, Total E & P, BG, Wood-side Energy and other top companies from the U.S, the UK and Australia and India.

Source: Eleven Weekly Media