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.


About thomasdinnocenzi

Thomas D'Innocenzi is a highly accomplished, results-focused senior international executive with extensive experience in global sourcing and market development worldwide to meet evolving business needs. Tom has proven ability in implementing and managing profitable global sourcing operations worldwide. Extensive experience in international market development operations to accommodate rapid growth. Skilled in building top-performing teams, benchmarking performance, and restricting organizations to improve efficiency, productivity, and profitability. Experienced transition leader and change agent. As principal of Nova Advisors, LLC I’ve assembled an exemplary team that brings with them the knowledge and experience gained from starting up a Global Sourcing program with multiple Fortune 500 companies as well as the largest supplier network throughout the Asia-Pacific region. We have experience and expertise in more than a thousand medical and pharmaceutical products in manufacturing and sourcing at the best value. The right product, the right price point and the right branding fueled these successes that resulted in double-digit growth for top line sales and bottom line net margins for our customers. What sets us apart: • Our reach includes a large network of suppliers & manufacturers spanning 13 countries in Asia-Pacific region • We understand the manufacturing process and the business of the supplier and the buyer • Our company culture is based on quality assurance and our process is based on local quality control Our commitment is to be your partner offering the best products and services at the lowest cost. Contact me to discuss how we can make the global marketplace work for you. In addition, I am open to discussing opportunities in global sourcing, international marketing & sales, logistics and medical/pharma in Thailand, Vietnam, Malaysia, Philippines & Japan. Aside from my work I enjoy piano, astronomy, physics, and assisting my daughters with their studies. SPECIALTIES: Global Sourcing, Supply Chain Management, Business Development, Marketing, Logistics, Global Networking, Market Development, Healthcare Solutions, Pharmaceuticals, Medical Devices, Technology, Asia, Southeast Asia, US and Canada
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