Natural resources boom
MYANMAR’S STATE-OWNED enterprises extracting natural resources are expected to earn over 1.8 trillion kips during the 2017-2018 fiscal year, according to this year's budget statement.
Those enterprises are the Myanmar Oil and Gas Enterprise, the No 1 Mine Industry, the No 2 Mine Industry and the Myanmar Gems Enterprise.
Between April 2017 and March 2018, the Myanmar Oil and Gas Enterprise is expected to earn 1.66 kips trillion; the No 1 Mine Industry 12.75 billion kips; the No 2 Mine Industry 26.45 billion kips ; and the Myanmar Gems Enterprise 100.66 billion kips – totalling 1.8 billion kips .
The statement stated that of the expected earnings of 1.66 trillion kips from oil and gas, offshore fields are expected to earn over 1.45 billion kips, while onshore fields are set to earn over 214 billion kips.
Some offshore fields running as joint ventures between the Myanmar Oil and Gas Enterprise and foreign companies include Yadana, Yetagun, Shwe and Zawtika.
The Yadana project, located off the Mottama coast, was launched in 1996 in partnership with France's Total; Yetagon located off the Taninthayi coast in 1990-1991 with Malaysia's PCML; Shwe project located off the Rakhine coast in 2013 with Korea's Daewoo; and Zawtika project in 2013 with Thailand's PTTEP.
