Myanmar plans oil deal with Vietnam
Agence France-Presse
First Posted 16:25:00 10/04/2008
Filed Under: Economy, Business & Finance,Oil & Gas - Upstream activities
YANGON, Myanmar -- Myanmar's state oil company is to explore offshore oil and gas in a joint venture with two Vietnam companies, state media reported Saturday.
It allows the companies to explore supplies in the Gulf of Martaban, south of Myanmar in the Andaman Sea.
Myanma Oil and Gas Enterprise of the Ministry of Energy signed the deal Tuesday with Petrovietnam Exploration Production Corporation Ltd and Joint Venture Vietsovpetro of the Vietnam and Eden Group Co Ltd of Myanmar, the New Light of Myanmar newspaper said.
It allows the companies to explore supplies in the Gulf of Martaban, south of Myanmar in the Andaman Sea.
Myanmar, one of the poorest countries in the world, sells natural oil and gas to neighboring energy hungry countries such as China and Thailand to earn much-needed foreign currency.
The United States and European countries have banned the import of Myanmar's natural resources because of its human rights record and continued detention of pro-democracy leader Aung San Suu Kyi.
Myanmar has been ruled by the military since 1962.
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