Withdrawal of western oil enterprises has no severe downfall in Myanmar’s oil and gas sector
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Su/Phoo Pyae (NP News) - April 25
During the interview with the reporters from international media, the Minister of Investment and Foreign Economic Relations Aung Naing Oo told that withdrawal of the western oil enterprises, Total and Chevron Corp have no severe impact on the country’s oil and gas sector since China’s investment in this sector is 27 percent.
The minister added that sanctions have been imposed against Myanmar by the US led-western bloc from 2000 to 2011. But Myanmar is dauntless.
Western energy companies left recently on account of the political situations. However, their shares took ten percent from the total market with 3 percent by Total, and 1.6 percent by Chevron while Woodside was 5.25 percent.
“No termination or closure of the current operating projects as the shares from those three companies will be distributed to other shareholders,” he said.
China’s investment in the energy sector takes a total of 27 percent of the total market in Myanmar, which outweighs the total percentage from three withdrawing companies, Minister Aung Naing Oo said.
“Economic sanctions may have more negative impacts on private sectors than on the government,” the minister said.