Myanmar opens up for foreign investors

0,,16554458_303,00The government of Myanmar has indicated that it plans to usher in a new era of business transparency in its oil, gas and other industries. Auctions for the rights to explore deposits are being prepared.

Myanmar’s government on Monday announced a new drive to open its economy to badly needed foreign investment. Energy Ministry officials pledged a new era of transparency particularly in the country’s oil and gas industry.

In January, Myanmar, which is also known as Burma, invited potential investors to tenders for 18 onshore oil blocks, with a further 50 offshore blocks expected to be opened to offers by April.

The government is under pressure to make sure its approach to natural resources will bring wider development to its people and is carried out sustainably, with all contract-related payments to be published for scrutiny.

Western powers have been rolling back sanctions against Myanmar in response to political reforms. Transnational energy giants Total and Chevron were among the Western corporations represented at the conference.

Myanmar theoretically produces enough natural gas to meet its domestic demand, but it has been forced to export some 80 percent of it to Thailand under contracts signed when the government was desperate for foreign currency. The pending auctions are part of an effort to help overcome an energy deficit that’s a legacy of the deals made by the country’s former military rulers.

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About thomasdinnocenzi

Thomas D’Innocenzi is a highly accomplished, results-focused international consultant with extensive experience in global sourcing and business development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global marketing and sourcing operations. He has extensive experience in international business development to accommodate rapid growth. Skilled in building top-performing teams, bench-marking performance, and developing organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. Tom founded Nova Advisors with the mission of providing expert Global Business Development consulting services for companies seeking to expand their market share as an independent consultant. Tom has a network of experts and advisors throughout the Asia-Pacific region and North America. His expertise includes business development, global sourcing, manufacturing, commodities, logistics, QA/QC, FDA, regulatory compliance, sustainability, and supply chain optimization. Tom is experienced in the medical device, apparel, consumer goods and technology services verticals helping companies advance their global sourcing capabilities and develop new markets through a local and sustained approach. Located in SE Asia and the United States, Tom expands market reach to drive sales. His global sourcing strategy includes directly negotiating with commodity suppliers, supply chain networks and distributors for optimal terms based on his expertise and first-hand knowledge of the players. Contact Tom to use his consulting service to increase your global market and make global sourcing profitable for you in the Asia Pacific Region and the United States. http://www.NovaAdvisors.com thomas@NovaAdvisors.com USA Direct: +1.904.479.3600 SINGAPORE: +65.6818.6396 THAILAND: +662.207.9269
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