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bongbang
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I can now translate Burmese to English. But how to replace these box type writings to real letters in Burmese shape for windows? any suggestion?
Aung Zaya
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that's used some kind of Myanmar font called Zaw Kyi... easy to install but it cant translate in google.. coz it used another font called MM3 unicode... Zaw kyi is used for local ones while MM3 goes international...
bongbang
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Aung Zaya
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That's popular slang in Myanmar youth world having different meaning depend on incidents.. So u can't translate in google coz will be resulted totally different meaning.. But has a positive side... I use here like a word 'important' in English...
Aung Zaya
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Myanmar aims for Mrauk U to join UNESCO list
Sid Dhartha, Yangon, February 11, 2015
MYANMAR'S archaeological zone of Mrauk U in Rakhine State is preparing to be listed as a UNESCO World Heritage site, according to a spokesperson from the Ministry of Culture.
Mrauk U contains some 200 Buddhist monuments such as temples, stupas and monasteries mostly built in the 15th and 16th centuries AD. It is also known for its old temples with wall paintings of Indian influence.
Said Kyaw Lwin Oo, director general of the Department of Archaeology, National Museum and Library under the ministry: “We are working on GIS database and digital mapping in Mrauk U. Nandaw Yar Gone will be converted into an archaeological park.
“We will also maintain the first, second and third brick walls of Nandaw Yar Gone, as well as the north wall of Shi Thaung Stupa. Maintenance works funded by Rakhine state have started.”
He added: “These are important steps to be taken ahead before we try to be listed as a UNESCO World Heritage site. The ministry is also collecting important information on all of Myanmar heritage sites, preserving and producing the map of archeological sites, and inviting UNESCO experts to jointly discuss further steps.”
Yangon-based travel consultants support the move. Myo Thwin, managing director, Sweet Memory Travel, said: “If Mrauk U indeed joins the list, tourists’ arrivals will increase. However, we will need to develop our infrastructure further and provide more accommodation in the city to cater to the influx.”
Wunna San Maung, managing director, Hamsa Travel and Tour, also believes the move will be a positive impact on tourist numbers. Although so far tourists mostly go to Bagan, he pointed out: “Mrauk U is different– its temples and pagodas boast unique architecture with Hindu cultural influence. There are so many things to see, including some Chin villages nearby.”
Myanmar first joined the UNESCO World Heritage List last June with the inscription of its Pyu Ancient Cities.
Sid Dhartha, Yangon, February 11, 2015
MYANMAR'S archaeological zone of Mrauk U in Rakhine State is preparing to be listed as a UNESCO World Heritage site, according to a spokesperson from the Ministry of Culture.
Mrauk U contains some 200 Buddhist monuments such as temples, stupas and monasteries mostly built in the 15th and 16th centuries AD. It is also known for its old temples with wall paintings of Indian influence.
Said Kyaw Lwin Oo, director general of the Department of Archaeology, National Museum and Library under the ministry: “We are working on GIS database and digital mapping in Mrauk U. Nandaw Yar Gone will be converted into an archaeological park.
“We will also maintain the first, second and third brick walls of Nandaw Yar Gone, as well as the north wall of Shi Thaung Stupa. Maintenance works funded by Rakhine state have started.”
He added: “These are important steps to be taken ahead before we try to be listed as a UNESCO World Heritage site. The ministry is also collecting important information on all of Myanmar heritage sites, preserving and producing the map of archeological sites, and inviting UNESCO experts to jointly discuss further steps.”
Yangon-based travel consultants support the move. Myo Thwin, managing director, Sweet Memory Travel, said: “If Mrauk U indeed joins the list, tourists’ arrivals will increase. However, we will need to develop our infrastructure further and provide more accommodation in the city to cater to the influx.”
Wunna San Maung, managing director, Hamsa Travel and Tour, also believes the move will be a positive impact on tourist numbers. Although so far tourists mostly go to Bagan, he pointed out: “Mrauk U is different– its temples and pagodas boast unique architecture with Hindu cultural influence. There are so many things to see, including some Chin villages nearby.”
Myanmar first joined the UNESCO World Heritage List last June with the inscription of its Pyu Ancient Cities.
Aung Zaya
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thu toe ka d tie ma ya bu bya.. shout pyaw lite tot thu toe lae lan lite lwal twr yaw... hee hee.. ok.. i got it.. bro
Aung Zaya
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IMF Projects 8.25% Growth in Myanmar Led by Rising Gas Production
A woman counts Myanmar Kyats at a money changer in Yangon May 23, 2013.REUTERS/Soe Zeya Tun
Economic growth is accelerating and inflation is stabilising in Myanmar but the country needs sustained policy and institutional reforms even as the authorities' capacity is being strained, the IMF said in a statement.
"The economic outlook is favourable. Growth is expected to average 8.25% in the next few years, led by rising gas production and investment. Inflation is expected to remain under control at around 6% over the medium term."
Myanmar's current account deficit is estimated to have widened to 5.5% of the GDP in 2013/14, but is said to have been more than financed by foreign direct investment, new loans and inflows related to telecommunications licences.
International reserves held by the Central Bank of Myanmar increased to $4.5bn by end-March, covering 2¾ months of prospective imports.
After depreciating in 2013, the exchange rate has stabilised and the country is now at a low risk of debt distress.
Challenges
Myanmar's medium and long-term prospects remain strong, but require sustained policy and institutional reforms even as the authorities' capacity is being strained, IMF said.
"In order to achieve rapid and inclusive growth, it is vital to maintain near-term macroeconomic stability while building modern institutions and sound policy frameworks to manage the budget and financial sector."
"Risks arise from thin external and fiscal buffers, particularly as the authorities' capacity to develop and implement policies and absorb technical assistance is being stretched."
The entry of foreign banks in Myanmar will burden nascent supervisory capacity and challenge monetary and exchange rate management, particularly in the face of continuing demand-side pressures on inflation.
At the same time, structural fiscal risks are building as tax exemptions increase even as expenditure pressures rise. External borrowing for off-budget operations is also increasing.
On the upside, large one-off inflows from concession fees for oil and gas exploration could materialise in the near term.
Recommendations
IMF said the continued progress in Myanmar's economic reform programme is commendable as it has contributed to strong growth. But the economy faces risks in the short run as fiscal buffers are thin.
IMF recommended further efforts to reinforce policy and institutional frameworks and pursue structural reforms.
"Continued technical assistance from the Fund and other international institutions remains critical given Myanmar's vast transformational needs and limited capacity."
The Fund said the establishment of an automatic mechanism to transfer public sector foreign exchange earnings to the central bank is urgent. The central bank's internal systems, particularly in accounting and reserves management, also need to improve.
- By Boby Michael
A woman counts Myanmar Kyats at a money changer in Yangon May 23, 2013.REUTERS/Soe Zeya Tun
Economic growth is accelerating and inflation is stabilising in Myanmar but the country needs sustained policy and institutional reforms even as the authorities' capacity is being strained, the IMF said in a statement.
"The economic outlook is favourable. Growth is expected to average 8.25% in the next few years, led by rising gas production and investment. Inflation is expected to remain under control at around 6% over the medium term."
Myanmar's current account deficit is estimated to have widened to 5.5% of the GDP in 2013/14, but is said to have been more than financed by foreign direct investment, new loans and inflows related to telecommunications licences.
International reserves held by the Central Bank of Myanmar increased to $4.5bn by end-March, covering 2¾ months of prospective imports.
After depreciating in 2013, the exchange rate has stabilised and the country is now at a low risk of debt distress.
Challenges
Myanmar's medium and long-term prospects remain strong, but require sustained policy and institutional reforms even as the authorities' capacity is being strained, IMF said.
"In order to achieve rapid and inclusive growth, it is vital to maintain near-term macroeconomic stability while building modern institutions and sound policy frameworks to manage the budget and financial sector."
"Risks arise from thin external and fiscal buffers, particularly as the authorities' capacity to develop and implement policies and absorb technical assistance is being stretched."
The entry of foreign banks in Myanmar will burden nascent supervisory capacity and challenge monetary and exchange rate management, particularly in the face of continuing demand-side pressures on inflation.
At the same time, structural fiscal risks are building as tax exemptions increase even as expenditure pressures rise. External borrowing for off-budget operations is also increasing.
On the upside, large one-off inflows from concession fees for oil and gas exploration could materialise in the near term.
Recommendations
IMF said the continued progress in Myanmar's economic reform programme is commendable as it has contributed to strong growth. But the economy faces risks in the short run as fiscal buffers are thin.
IMF recommended further efforts to reinforce policy and institutional frameworks and pursue structural reforms.
"Continued technical assistance from the Fund and other international institutions remains critical given Myanmar's vast transformational needs and limited capacity."
The Fund said the establishment of an automatic mechanism to transfer public sector foreign exchange earnings to the central bank is urgent. The central bank's internal systems, particularly in accounting and reserves management, also need to improve.
Aung Zaya
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NEW DELHI: India and Myanmar today agreed to enhance trade and investment between the countries by removing bottlenecks such as lack of good connectivity and banking arrangements.
The issues came up for discussion during the 5th India-Myanmar Joint Trade Committee (JTC) meeting, which was held in Nay Pyi Taw today.
The meeting was co-Chaired by Commerce and Industry Minister Nirmala Sitharaman and Myanmar's Commerce Minister U Win Myint.
"Both sides agreed to work together to remove the bottlenecks hampering the bilateral trade and investment such as lack of good connectivity, lack of banking arrangement both for regular and border trade," an official statement said.
It said that India has offered to support Myanmar to develop infrastructure at the border trade points, upgrade trade training institutes in Yangon and also provide training to Myanmar officials on WTO and international trade related issues.
Besides, New Delhi would support in establishing direct shipping links between the countries to promote bilateral trade, it added.
The two ministers also reiterated their commitment to increase cooperation in the field of promoting two-ways investment, infrastructure development particularly to promote border trade, connectivity, agriculture, energy, skill and entrepreneurial development, pharmaceutical and people-to-people contacts.
Both sides agreed to hold the next Joint Trade and Investment Forum meeting in Chennai during which Myanmar would organize a roadshow showcasing investment opportunities in Myanmar especially in the special economic zones.
The two ministers also agreed to jointly inaugurate the land custom station in Zawkhatar, Mizoram shortly at a mutually convenient date.
The bilateral trade stood at USD 2.18 billion in 2013-14.........
The issues came up for discussion during the 5th India-Myanmar Joint Trade Committee (JTC) meeting, which was held in Nay Pyi Taw today.
The meeting was co-Chaired by Commerce and Industry Minister Nirmala Sitharaman and Myanmar's Commerce Minister U Win Myint.
"Both sides agreed to work together to remove the bottlenecks hampering the bilateral trade and investment such as lack of good connectivity, lack of banking arrangement both for regular and border trade," an official statement said.
It said that India has offered to support Myanmar to develop infrastructure at the border trade points, upgrade trade training institutes in Yangon and also provide training to Myanmar officials on WTO and international trade related issues.
Besides, New Delhi would support in establishing direct shipping links between the countries to promote bilateral trade, it added.
The two ministers also reiterated their commitment to increase cooperation in the field of promoting two-ways investment, infrastructure development particularly to promote border trade, connectivity, agriculture, energy, skill and entrepreneurial development, pharmaceutical and people-to-people contacts.
Both sides agreed to hold the next Joint Trade and Investment Forum meeting in Chennai during which Myanmar would organize a roadshow showcasing investment opportunities in Myanmar especially in the special economic zones.
The two ministers also agreed to jointly inaugurate the land custom station in Zawkhatar, Mizoram shortly at a mutually convenient date.
The bilateral trade stood at USD 2.18 billion in 2013-14.........
Aung Zaya
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Import of natural gas and hydropower form Myanmar to India
February 23, 2015 by Thiha
One of the worst decisions of the BNP-led government in 2004 was the rejection of the Indian proposal to lay a gas pipeline from Myanmar to India through Bangladesh. This could enable us to share part of the gas and significantly reduce our dependence on the import of costly oil (and perhaps LNG) to meet our energy needs. China immediately grabbed the opportunity and built a 2,806 km pipeline from Myanmar to China with a maximum discharge of 424 bcf of natural gas per year. China also built a 771 km oil pipeline running parallel with the gas pipeline to deliver 240 thousand barrels of crude oil per day. India tried in vain to revive the Myanmar-Bangladesh-India gas pipeline project in 2013.
Recently, Bangladesh took an initiative to import natural gas from Myanmar and build a power plant at Chittagong with the option of sharing electricity with Myanmar. The proposal was put forward by a high-powered delegation that visited Myanmar recently. It is reported that Myanmar responded positively to the proposal and decided to send a technical team to assess the viability of exporting gas from its Chin State, which is adjacent to Bangladesh.
Myanmar started to export natural gas to Thailand in 1999. Thailand decided to invest $3.3 billion in oil and natural gas development in Myanmar by 2020. Gas exports yielded a total of $3.5 billion for Myanmar during the 2012-13. The country’s current natural gas output comes primarily from the offshore Yadana and Yetagun fields, but is likely to rise because of the political and economic reforms in Myanmar and the subsequent easing of sanctions by the US and the European countries. Myanmar is also keen to attract foreign investment and is issuing production-sharing contracts through direct negotiations. There is now good prospect of discoveries of new gas and oil fields in Myanmar. The country has proven natural gas reserves of 7.8 tcf.
The Bangladesh delegation also proposed to purchase 500 megawatt of hydropower from Chin or Rakhine provinces through erecting cross-border power transmission line and offered joint investment in developing hydropower projects. Myanmar has an enormous hydropower potential of up to 100,000 megawatts.
The initiative taken by the government to import natural gas and hydroelectricity from Myanmar is a very wise decision. The proposal has two major advantages: (i) a common border between the two countries requiring no approval from a third country to build pipelines or electric transmission lines and (ii) the close proximity of the gas fields and hydropower sites from Bangladesh. These factors will make the cross-boundary transmission of natural gas and electricity easier and more economic. Moreover, Myanmar will benefit from our experience in construction and operation of gas based and hydropower plants.
In view of the shortage of energy resources, one of our best options is to share the resources of the neighbouring countries. Bangladesh is now importing about 500 MW of electricity from India. This capacity may be increased further very soon. It has also taken initiative to import hydroelectricity from Bhutan through India.
Unfortunately, the relationship between Bangladesh and Myanmar had not been very good in the recent past. Following the settlement of the maritime boundary dispute between Bangladesh and Myanmar, the prospect of cooperation between the two countries is now brighter. In our interest, we should now build a good neighbourly relationship with Myanmar and seriously cooperate not only in energy sector but also in all other sectors of trade and commerce.
Source: The Daily Star
February 23, 2015 by Thiha
One of the worst decisions of the BNP-led government in 2004 was the rejection of the Indian proposal to lay a gas pipeline from Myanmar to India through Bangladesh. This could enable us to share part of the gas and significantly reduce our dependence on the import of costly oil (and perhaps LNG) to meet our energy needs. China immediately grabbed the opportunity and built a 2,806 km pipeline from Myanmar to China with a maximum discharge of 424 bcf of natural gas per year. China also built a 771 km oil pipeline running parallel with the gas pipeline to deliver 240 thousand barrels of crude oil per day. India tried in vain to revive the Myanmar-Bangladesh-India gas pipeline project in 2013.
Recently, Bangladesh took an initiative to import natural gas from Myanmar and build a power plant at Chittagong with the option of sharing electricity with Myanmar. The proposal was put forward by a high-powered delegation that visited Myanmar recently. It is reported that Myanmar responded positively to the proposal and decided to send a technical team to assess the viability of exporting gas from its Chin State, which is adjacent to Bangladesh.
Myanmar started to export natural gas to Thailand in 1999. Thailand decided to invest $3.3 billion in oil and natural gas development in Myanmar by 2020. Gas exports yielded a total of $3.5 billion for Myanmar during the 2012-13. The country’s current natural gas output comes primarily from the offshore Yadana and Yetagun fields, but is likely to rise because of the political and economic reforms in Myanmar and the subsequent easing of sanctions by the US and the European countries. Myanmar is also keen to attract foreign investment and is issuing production-sharing contracts through direct negotiations. There is now good prospect of discoveries of new gas and oil fields in Myanmar. The country has proven natural gas reserves of 7.8 tcf.
The Bangladesh delegation also proposed to purchase 500 megawatt of hydropower from Chin or Rakhine provinces through erecting cross-border power transmission line and offered joint investment in developing hydropower projects. Myanmar has an enormous hydropower potential of up to 100,000 megawatts.
The initiative taken by the government to import natural gas and hydroelectricity from Myanmar is a very wise decision. The proposal has two major advantages: (i) a common border between the two countries requiring no approval from a third country to build pipelines or electric transmission lines and (ii) the close proximity of the gas fields and hydropower sites from Bangladesh. These factors will make the cross-boundary transmission of natural gas and electricity easier and more economic. Moreover, Myanmar will benefit from our experience in construction and operation of gas based and hydropower plants.
In view of the shortage of energy resources, one of our best options is to share the resources of the neighbouring countries. Bangladesh is now importing about 500 MW of electricity from India. This capacity may be increased further very soon. It has also taken initiative to import hydroelectricity from Bhutan through India.
Unfortunately, the relationship between Bangladesh and Myanmar had not been very good in the recent past. Following the settlement of the maritime boundary dispute between Bangladesh and Myanmar, the prospect of cooperation between the two countries is now brighter. In our interest, we should now build a good neighbourly relationship with Myanmar and seriously cooperate not only in energy sector but also in all other sectors of trade and commerce.
Source: The Daily Star
Aung Zaya
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South Korean Firm Proposes Sittwe Development Plan
February 24, 2015 by Thiha
A South Korean company has proposed an investment plan for the urban development of Rakhine state’s capital Sittwe, said U Hla Thein, chair of the public relations subcommittee of the state government.
Property firm BXT Construction and Development has proposed a plan to develop the urban area, which will include residential spaces, a supermarket, a park and a playground on the bank of Sett Yoe Kya stream, an area of central Sittwe.
“A delegate from the company discussed the plan with state officials and local citizens in early January. The project needs approval the Rakhine state government and the local community before it can be implemented.” said U Hla Thein.
This is the first time under the term of the new state chief minister U Maung Maung Ohn that a foreign firm has proposed investment in Sittwe region’s development.
Firms from Taiwan have proposed investment in the industrial zone project in Pone Nar Kyun township and other projects in other parts of Rakhine state.
Source: MYANMAR BUSINESS TODAY
$2.9-b Myanmar Refinery Deal Key for Guangdong Zhenrong Energy
February 24, 2015 by Thiha
Guangdong Zhenrong Energy Co, a major Chinese bulk commodity trader, expects the country’s “One Belt One Road” strategy to help boost its overseas investments, which in its case includes a planned massive oil refinery in Myanmar.
The country’s New Silk Road Economic Belt and the 21st Century Maritime Silk Road strategies were launched in 2013 to further open up to the rest of the world and speed up infrastructure connectivity in the region.
The proposed Myanmar refinery, with an expected annual processing capacity of 5 million tonnes of crude oil, has been submitted by the Guangdong provincial government to the State Council under the strategy, said Cui Yi, director general of Zhenrong Energy’s refining and petrochemical department.
He said the company also expects to benefit from policies within the strategy to develop other overseas petrochemical industrial parks.
Zhenrong Energy received the go-ahead for the $2.9 billion Myanmar project from the National Development and Reform Commission in November and is currently applying for state approval from the authorities in Myanmar.
Myanmar’s laws on foreign investment were amended in August last year and now require participation in any new petrochemical project by its own Ministry of Energy. Myanmar Economic Holdings Ltd and Myanmar’s Htoo Group of Companies are already joint venture partners in the project.
Located in the Dawei special economic zone in southern Myanmar, the complex will become the largest refinery in the country when completed, Cui said, and is expected to play a key part in the raising of professional standards in the country’s petrochemicals industry.
Its facilities will include the construction of a 150,000-tonne crude oil dock, two refined oil docks, warehousing and logistics facilities, a power plant, and a network of gas, and liquefied petroleum gas stations.
Products from the refinery will mainly satisfy the Myanmar market, with the surplus to be exported.
Cui said the refinery’s plans date back to 2009 when Zhenrong Energy’s Chairman Xiong Shaohui first learned how the country’s refining technology had remained low. Myanmar still imports more than 80 percent of the refined oil products it needs.
A memorandum of understanding on the project was signed the following year with an environmental assessment then carried out in 2012, a year before the country’s environmental protection law was passed.
The refinery is expected to adopt China’s national IV environmental standards, the equivalent of the Euro IV standard, Cui said.
To assure local people about its environmental commitment to the project, the company invited a group of around 30 Myanmar villagers, monks and journalists to tour an oil refinery in Luoyang, Henan province, and oil exporting facilities in Guangdong in 2013.
In May last year, 1,370 villagers signed a letter in support of the refinery project, which was handed in to the country’s president’s office, the energy ministry and local governments.
“Although the investment environment in Myanmar has appeared to be unstable over the past two years – which slowed the pace by some investors – the reform and opening-up in Myanmar is accelerating,” Cui said.
“The market is underdeveloped but still has a positive outlook and offers considerable opportunities. Although some risks exist, it is attracting increasing numbers of foreign investors.”
Xiao Yaofei, a professor with the School of Economics and Trade, Guangdong University of Foreign Studies, said China’s “One Belt One Road” strategy, which is emphasising future infrastructure connectivity with various countries, is expected to lay the foundations for foreign investment by Chinese firms.
Xiao said Zhenrong Energy’s Myanmar project should also pave the way for other petrochemical-related investments by other Chinese firms, such as those engaged in chemicals manufacturing, for instance, and its support industries.
Founded in 2002, Zhenrong Energy generated 105.2 billion yuan ($16.8 billion) in revenue in 2013, including 65.2 billion yuan from international trade, ranking 139 among the top 500 Chinese companies. It is jointly owned by the State-owned Zhuhai Zhenrong Corp, one of the country’s largest oil traders.
As the global refined oil trading sector becomes increasingly competitive, the company has placed overseas investment at its core and aims to become one of the world’s top 500 multinationals in the next three to five years. (China Daily)
Source: MYANMAR BUSINESS TODAY
February 24, 2015 by Thiha
A South Korean company has proposed an investment plan for the urban development of Rakhine state’s capital Sittwe, said U Hla Thein, chair of the public relations subcommittee of the state government.
Property firm BXT Construction and Development has proposed a plan to develop the urban area, which will include residential spaces, a supermarket, a park and a playground on the bank of Sett Yoe Kya stream, an area of central Sittwe.
“A delegate from the company discussed the plan with state officials and local citizens in early January. The project needs approval the Rakhine state government and the local community before it can be implemented.” said U Hla Thein.
This is the first time under the term of the new state chief minister U Maung Maung Ohn that a foreign firm has proposed investment in Sittwe region’s development.
Firms from Taiwan have proposed investment in the industrial zone project in Pone Nar Kyun township and other projects in other parts of Rakhine state.
Source: MYANMAR BUSINESS TODAY
$2.9-b Myanmar Refinery Deal Key for Guangdong Zhenrong Energy
February 24, 2015 by Thiha
Guangdong Zhenrong Energy Co, a major Chinese bulk commodity trader, expects the country’s “One Belt One Road” strategy to help boost its overseas investments, which in its case includes a planned massive oil refinery in Myanmar.
The country’s New Silk Road Economic Belt and the 21st Century Maritime Silk Road strategies were launched in 2013 to further open up to the rest of the world and speed up infrastructure connectivity in the region.
The proposed Myanmar refinery, with an expected annual processing capacity of 5 million tonnes of crude oil, has been submitted by the Guangdong provincial government to the State Council under the strategy, said Cui Yi, director general of Zhenrong Energy’s refining and petrochemical department.
He said the company also expects to benefit from policies within the strategy to develop other overseas petrochemical industrial parks.
Zhenrong Energy received the go-ahead for the $2.9 billion Myanmar project from the National Development and Reform Commission in November and is currently applying for state approval from the authorities in Myanmar.
Myanmar’s laws on foreign investment were amended in August last year and now require participation in any new petrochemical project by its own Ministry of Energy. Myanmar Economic Holdings Ltd and Myanmar’s Htoo Group of Companies are already joint venture partners in the project.
Located in the Dawei special economic zone in southern Myanmar, the complex will become the largest refinery in the country when completed, Cui said, and is expected to play a key part in the raising of professional standards in the country’s petrochemicals industry.
Its facilities will include the construction of a 150,000-tonne crude oil dock, two refined oil docks, warehousing and logistics facilities, a power plant, and a network of gas, and liquefied petroleum gas stations.
Products from the refinery will mainly satisfy the Myanmar market, with the surplus to be exported.
Cui said the refinery’s plans date back to 2009 when Zhenrong Energy’s Chairman Xiong Shaohui first learned how the country’s refining technology had remained low. Myanmar still imports more than 80 percent of the refined oil products it needs.
A memorandum of understanding on the project was signed the following year with an environmental assessment then carried out in 2012, a year before the country’s environmental protection law was passed.
The refinery is expected to adopt China’s national IV environmental standards, the equivalent of the Euro IV standard, Cui said.
To assure local people about its environmental commitment to the project, the company invited a group of around 30 Myanmar villagers, monks and journalists to tour an oil refinery in Luoyang, Henan province, and oil exporting facilities in Guangdong in 2013.
In May last year, 1,370 villagers signed a letter in support of the refinery project, which was handed in to the country’s president’s office, the energy ministry and local governments.
“Although the investment environment in Myanmar has appeared to be unstable over the past two years – which slowed the pace by some investors – the reform and opening-up in Myanmar is accelerating,” Cui said.
“The market is underdeveloped but still has a positive outlook and offers considerable opportunities. Although some risks exist, it is attracting increasing numbers of foreign investors.”
Xiao Yaofei, a professor with the School of Economics and Trade, Guangdong University of Foreign Studies, said China’s “One Belt One Road” strategy, which is emphasising future infrastructure connectivity with various countries, is expected to lay the foundations for foreign investment by Chinese firms.
Xiao said Zhenrong Energy’s Myanmar project should also pave the way for other petrochemical-related investments by other Chinese firms, such as those engaged in chemicals manufacturing, for instance, and its support industries.
Founded in 2002, Zhenrong Energy generated 105.2 billion yuan ($16.8 billion) in revenue in 2013, including 65.2 billion yuan from international trade, ranking 139 among the top 500 Chinese companies. It is jointly owned by the State-owned Zhuhai Zhenrong Corp, one of the country’s largest oil traders.
As the global refined oil trading sector becomes increasingly competitive, the company has placed overseas investment at its core and aims to become one of the world’s top 500 multinationals in the next three to five years. (China Daily)
Source: MYANMAR BUSINESS TODAY
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