Malaysia Looks to Burma’s Gas and Oil Offers

06 January 2011 – KUALA LUMPUR: While scores of western countries continue their economic pressure on military-ruled Burma, its Asia friends, however, are anxious to explore investment opportunities offered by the country.

Profitable returns in gas and oil productions are an irresistible temptation that has drawn more and more firms spying on the business offered in the golden land.

Recently, Malaysia External Trade Development Corporation (MATRADE) said it has identified major business opportunities offered by Burma in the oil and gas industry.

After a trade delegation to Burma recently, MATRADE said that the biggest country in mainland Southeast Asia offered long-term and profitable business opportunities for Malaysians.

“Fast path development in the oil and gas sector in Burma has offered long-term opportunity to Malaysian businessmen. Burma is a place for Malaysian industry players to show their expertise,”said a MATRADE spokesperson as quoted by a Malay daily.

According to MATRADE data, Burma is the 40th and 77th largest gas and oil reserve country in the world.

International companies that get involved in inshore and offshore activities in Burma include Rimbunan Petrogas and Petronas (Malaysia); MPRL E&P Limited (British Virgin Islands);  CNOOC, CNPC, North Petro-Chem and Sinopec (China); Essar and ONGC Videsh  (India); Silver Wave  (Singapore), Daewoo International (South Korea), PTTEPI (Thailand) and PetroVietnam (Vietnam).

By Thomas Chong