Mitsubishi and Petronas to leave Myanmar’s Yedagun gas project

Malaysia’s Petronas and Japan’s Mitsubishi Corp. have announced they will sell shares in Myanmar’s Yedagun gas project. These companies are the last of the major energy companies to leave Myanmar since February 1 last year. A Mitsubishi spokesman told Reuters on February 18 that it would be difficult to stay afloat from a technical and economic point of view. The company indirectly owns 1.93% of its investment in the Yedagun gas project off the south coast of Myanmar.

They have already decided to leave the project, and talks were under way with partner companies from Japan. Petrtronas’s PC Myanmar (Hong Kong) Limited, a subsidiary of the Yedagun project, signed an agreement in July last year to sell Petronas’s investment in Myanmar. Petronas told Reuters earlier this month. A Petronas spokesman said the transfer was nearing completion but declined to name the buyer. PC Myanmar (Hong Kong) Limited has a 40.9% stake in the Yedagun project, with Myanmar Oil and Gas Corporation (MOGE) owning 20.5%.

In addition, a Japanese joint venture led by the Japanese government and JX Nippon Oil and Gas Exploration, a subsidiary of Eneos Holding, has a 19.3 percent stake, with the rest owned by PTTEP International of Thailand. “Eneos Corporation is in talks with partners on various possibilities,” a company spokesman told Reuters whether there were any plans to continue the gas project in Myanmar. Total Energies and Chevron, two energy companies involved in a Yadana gas project in Myanmar, are also in Myanmar. It announced last month that it would close its operations due to the deteriorating human rights situation.

Source: Daily Eleven

More than 4,800 bridges built for development of border regions till January 2022

The Ministry of Border Affairs stated that more than 4,800 small and large bridges have been built for development of border regions up to the end of January 2022. The ministry is implementing the master plans for development of the border regions. In so doing, the first three-year short-term plan was implemented from 1993-94 financial year to 1995-96 financial year, the first five-year medium-term plan from 1996-97 to 2000-21 financial year, and the second five-year short-term plan from 2001-02 to 2005-06 financial year, totalling 13 years.

Furthermore, the ministry drew a 30-year master plan from 2001-02 to 2030-31 financial year. It was divided into six portions. Starting from the 2011-12 financial year, the master plan was shifted into the 20-year master plan for development of border areas. Such a master plan lasts from 2011-12 financial year to 2030-31 fiscal year. Up to January 31 2022 of the 2021-22 financial year, a total of 4,896 small and large ridges have been built across the nation, including 358 bridges of more than 100 feet in length and 4,372 bridges under the 100 feet in length and 166 suspension bridges.

During the period, the ministry built more than 10,303 miles long earthen roads, 7,207 miles long gravel roads, more than 177 miles long laterite roads, over 3,175 miles long asphalt roads, more than 46 miles long repaved roads, more than 91 miles long concrete roads, 543 miles long expanded roads, 5,101 miles long renovated roads, 2,422 conduits and 5,736 culverts.

Source: The Global New Light of Myanmar