Myanmar, Energy

Myanmar, Energy

Myanmar's junta approves US$2.8 billion investment, including gas power plant

Myanmar's junta approves US$2.8 billion investment, including gas power plant

9/5/2021 11:44:00 AM

Myanmar 's junta approves US$2.8 billion investment, including gas power plant

Myanmar 's military rulers have approved new investment in projects worth nearly US$2.8 billion, including a liquefied natural gas (LNG) power ...

BookmarkMyanmar's military rulers have approved new investment in projects worth nearly US$2.8 billion, including a liquefied natural gas (LNG) power plant that will cost US$2.5 billion, the country's investment body said.Approvals for 15 projects were given on Friday (May 9) by the Myanmar Investment Commission, according to a statement on the website of the Directorate of Investment and Company Administration.

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AdvertisementAdvertisementThe announcement comes with much of Myanmar's economy paralysed by protests and strikes since the army seized power on Feb 1. International credit rating agency Fitch Solutions has forecast the economy will contract by 20 per cent this year.

In addition to the plant to generate power for local needs, other projects approved included for livestock, manufacturing and services sectors, the statement said.READ: Telenor posts Q1 loss after writing off Myanmar business following coupIt did not give details of the companies behind the projects or which countries they are from. The biggest investors in Myanmar in recent years have been China, Singapore and Thailand although much of the investment from Singapore has been channelled from elsewhere. headtopics.com

AdvertisementAdvertisementMost of Myanmar's electric power is currently generated from hydroelectric projects, but LNG has been seen as increasingly important for a country whose economy had boomed during a decade of democratic reforms, leading to erratic electricity supplies.

Read more: CNA »

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