$670m in oil and gas investments approved in August, says DICA

The oil and gas sector comprised US$670 million (about K670 billion), or nearly a third, of foreign investment totalling $2.443 billion approved in August, show figures from the Directorate of Investment and Companies Administration.

The oil and gas sector comprised 13 of the 48 companies with investments approved last month, DICA said.

The August figure brought the total amount of foreign investment in oil and gas since President U Thein Sein took office in 2011 to $10 billion, the figures show.

Approved foreign investment from the start of the fiscal year on April 1 to the end of August was $3.183billion, or nearly half the $5 billion targetted for the 2014-2015 fiscal year, DICA said on September 14.

Source: MIZZIMA Myanmar

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