The gas intended to help plug Myanmar’s electricity shortfall this summer has started operating after almost a two-month delay, according to its developer. VPower Groups’s 23-megawatt gas plant in Kyun Chaung of Magwe Region began commercial operations on June 3 after a power purchase agreement was signed between the firm and the Ministry of Electricity..
India’s Prime Minister Shri Narendra Modi has confirmed that ONGC Videsh Ltd, the overseas arm of Indian national oil company Oil and Natural Gas Corporation Ltd will invest more than US$121 million to produce more gas off the coast of Rakhine State. The investment, which was approved by the Indians on June 24, will go..
Myanmar has moved to protect local producers from overseas competition as growth projections for the country’s economy are slashed due to COVID-19. The president Office released notification (83/2020) on July 1, stating that the law of Protection from Increased Import Volume enacted in 2019 will take immediate effect. The law is expected to promote..
Investor interest in farmland around Dala township, Yangon, is rising on the back of speculation that the government will redevelop the land as part of plan to urbanise the township and compensate for giving up their property, local brokers said. “These lands are expected to be broken to be taken by the government for..
The Myanmar government has signed two power purchase agreements (PPA) to buy electricity from two liquefied natural gas (LNG) plants totaling 580 megawatts. The project company of CNTIC VPower Group inked two five-year PPAs with the Ministry of Electricity and Energy’s Electric Power Generation Enterprise (EPGE) on JUne 26 for the plants in Thanlyin,..
As investment interest in the Dala New City Project has intensified, so too the price of farmland in the area has risen sharply, said News City Real Estate MD Ko Htun Lin Kyaw. “As the farmlands will be taken over by the New City Project, we’ve seen an increase in farmland investments. This regional farmland..
The World Bank’s Board of Executive Directors has approved a $350 million credit from the International Development Association (IDA) to increase the output and efficiency of power generation and improve the resilience of Myanmar’s electricity system to climate change and disasters, according to a press release. The Board also approved $110 million in additional financing..
The government will deploy its seventh tranche of COVID-19 loans, this time to about 300 business affected by the pandemic, in the first week of July. Construction businesses are likely to be considered for next loan tranche from the K200 billion to K500 billion pool under the government’s COVID-19 Economic Response Plan released on April..
The country’s construction industry is ready to provide jobs for returning migrant workers who have the required experience, an official of a local contractors’ association said. U Shein Win, chair of the Myanmar Construction Entrepreneurs Federation, said members of the group have job vacancies at construction sites for workers returning from foreign countries due to..
The Ministry of Electricity and Energy (MOEE) is making plans to build new oil refineries in Myanmar to meet domestic oil demand and boost energy security in the country, said U Tin Maung Oo, Permanent Secretary of the MOEE. The new refinery projects will be implemented with the private sector under Public Private Partnership schemes,..