Govt forms steering committee to purchase fuel oil from Russia

Formed with a notification (No.127/2022), the committee is tasked with importing fuel oil from Russian, storing and distributing it in accord with the State policies and economic policies and procedures depending on the national needs. To do the process, needs to cooperate with relevant government departments and private organizations, seek a monthly necessary amount of foreign currency from the State, supervise measures to ensure oil tanker arrive in time, and check quality and quantity and distribute fuel oil to the Tatmadaw (military), ministries and organizations. The steering committee also needs to make sure that importer companies meet the requirements issued by the Supervisory Committee on Import, Storage and Distribution of Fuel Oil formed by the Ministry of Commerce. The steering committee is to take responsibility for fulfilling other needs in addition to fuel oil and petrochemical products in line with the instructions of the SAC.

The steering committee is formed with Lt-Gen Nyo Saw as chairman, the deputy minister for energy, the permanent of secretary of the Ministry of Commerce, Star High Co Ltd CEO U Hla Win, Brighter Energy director U Hsan Naung, Best Oil Co Ltd chairman U Win Swe, director U Tin Ye Win of the Ministry of Commerce and Yetagon Energy Trading Co Ltd CEO U Maung Maung Naing as members, the director general of the Petroleum Products Regulatory Department as secretary and the general manager of Marketing & Research Department of Myanmar Economic Corporation as joint secretary.

The committee will import the oil from Russia as per the State policies and economic policies depending on the country’s need, store and distribute the imported quality fuel at reasonable prices, and cooperate with the governmental departments and private organizations in purchasing, importing and transport processes. It will also submit the needed foreign currency to the government monthly, supervise the arrival of fuel tankers in time and inspect the quality and quantity of oil together with the relevant organizations, it said. Moreover, it will conduct necessary actions to distribute the fuel oil to Tatmadaw and ministries and supervise the import companies whether they follow the rules and regulations of the Supervisory Committee on Import, Storage and Distribution of Fuel Oil under the Ministry of Commerce. It will also manage for further needs of the country in addition to fuel oil and petrochemicals produced in Russia in line with the directives of the State Administration Council, it added. Lt-Gen Nyo Saw will serve as Chairman of the 10-member steering committee.

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