Myanmar’s junta approves $2.8 billion investment, including gas power plant By Reuters

© Reuters. FILE PHOTO: People work at the site of the Thilawa Special Economic Zone (SEZ) project at Thilawa May 8, 2015. REUTERS/Soe Zeya Tun

(Reuters) – Myanmar’s military rulers have approved new investment in projects worth nearly $2.8 billion, including a liquefied (LNG) power plant that will cost $2.5 billion, the country’s investment body said.

Approvals for 15 projects were given on Friday by the Myanmar Investment Commission, according to a statement on the website of the Directorate of Investment and Company Administration.

The announcement comes with much of Myanmar’s economy paralysed by protests and strikes since the army seized power on Feb. 1. International credit rating agency Fitch Solutions has forecast the economy will contract by 20 percent this year.

In addition to the plant to generate power for local needs, other projects approved included for livestock, manufacturing and services sectors, the statement said.

It did not give details of the companies behind the projects or which countries they are from. The biggest investors in Myanmar in recent years have been China, Singapore and Thailand although much of the investment from Singapore has been channelled from elsewhere.

Most of Myanmar’s electric power is currently generated from hydroelectric projects, but LNG has been seen as increasingly important for a country whose economy had boomed during a decade of democratic reforms, leading to erratic electricity supplies.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
newsbinding Governmental News Finance News

Source link

Back to top button