The Myanmar economy is expected to grow at 6.2pc this year. Aung Myin Ye Zaw/The Myanmar Times Myanmar is forecast to grow at a slower pace of 6.2 percent this year compared with 6.8pc in the previous year, according to a report by the World Bank released yesterday. While prospects for the economy are positive..
A 170MW solar power plant in Minbu Township, Magwe Region, will start producing electricity in time for summer next year, said U Lin Naing Oo, business development department general manager of GEP (Myanmar) Co Ltd. The Thailand-based company is investing US$297 million in the solar project, which is Myanmar’s first. Electricity generated from the plant..
Piya Sukhum-Panumet, general manager of PTTEP Myanmar Asset. Shin Moe Myint/The Myanmar Times With fresh oil and gas reserves at Myanmar’s offshore blocks now approved for commercial activities, the Ministry of Energy and Electricity (MOEE) will invite international tenders for up to 31 oil and gas exploration fields in early 2019. The last round of..
Buyers examine raw jade displayed prior to an auction during the November Gems Emporium in Nay Pyi Taw on Tuesday. The Gems Emporium runs through Saturday. Photo – EPA Myanmar yesterday opened the first Mineral Development Bank (MDB) to provide banking services to small and medium size enterprises (SMEs) in the gems and mineral sector…
Efforts must be taken to lessen Myanma Oil and Gas Enterprise’s (MOGE) tax burden from contracts signed with joint-venture firms to work offshore oil and gas fields, a report states. According to the “State-Owned Economic Enterprise Reform in Myanmar: The Case of Natural Resource Enterprises” report by the Natural Resource Governance Institute (NRGI) and Renaissance Institute,..
Commerce minister U Than Myint (right), shakes hands with Hong Liang (left), Chinese Ambassador to Myanmar, after the signing ceremony of the framework agreement on Kyaukphyu special economic zone in the capital. Photo – EPA After more than two years of negotiations, the Myanmar government and China’s state-owned CITIC Group signed the framework agreement for..
An offshore platform at Zawtika, Moattama Gulf. Photo – Supplied The replacement of a gas pipeline at the Zawtika project, offshore of Myanmar, will be conducted to reliably supply gas to Myanmar, said Mr. Piya Sukhumpanumet, general manager of PTTEP Myanmar Asset. Mr Piya was speaking to journalists during a media tour to Zawtika, located..
The property sector requires organisation to enforce Condominium Law. Kang Wan Chern/The Myanmar Times Stakeholders in the property and construction sector say there is still a need for a body or organisation to oversee, implement and enforce the regulations under Condominium Law 2016 and Condominium Rules 2017. The lack makes the legislation less effective presently..
US Federal Reserve Board Chairman Jerome Powell. Photo – EPA Higher US interest rates and global oil prices are putting pressure on Myanmar’s economy. The US Federal Reserve Bank has raised interest rates three times so far this year. The latest increase of a quarter percentage point in the benchmark federal funds rate, lifting it..
Photo: Aung Myin Ye Zaw Consulting firm Fitch Solutions Macro Research downgraded the growth forecast for Myanmar’s construction industry, saying economic reforms which would boost infrastructure development had been knocked off course and the northern Rakhine crisis would weigh on the economy. Fitch Solutions Macro Research, a unit of London and New York-headquartered Fitch Group,..