Myanmar govt expected to earn Ks 1.8 trillion from natural resources this year

State-owned enterprises extracting natural resources are expected to earn over Ks 1.8 trillion 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 2017and March 2018, the Myanmar Oil and Gas Enterprise is expected to earn Ks 1.66 trillion; the No 1 Mine Industry Ks 12.75 billion; the No 2 Mine Industry Ks 26.45 billion; and the Myanmar Gems Enterprise Ks 100.66 billion – totalling Ks 1.8 billion.

The statement stated that of the expected earnings of Ks 1.66 trillion from oil and gas, offshore fields are expected to earn over Ks 1.45 billion, while onshore fields are set to earn over Ks 214 billion.

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.

Source : Eleven Myanmar