Burma News (r)

[mbeer@xxxxxxxxxxx]

1. seminar on securities
2. banks in burma
3. Caltex opening office


                         Copyright 1994 Xinhua
News Agency                              OCTOBER
25, 1994, TUESDAY    LENGTH: 149 words   
HEADLINE: seminar on securities, capital market
held in yangon    DATELINE: yangon, october 25;
ITEM NO: 1025058    BODY:     a two-day seminar,
which began here on monday, will continue to
discuss  problems relating to securities, capital
markets and privatization today.  myanmar minister
for national planning and economic development 
brigadier-general abel and japanese ambassador to
myanmar takashi tajima  addressed the seminar,
which was attended by 39 officers from 15 myanmar 
ministries and 89 private entrepreneurs.  the
japanese ambassador disclosed that  daiwa
institute of research ltd of japan (dir) has
agreed to render the valuable  assistance to the
myanmar government.  chairman of the myanmar
investment  commission and deputy prime minister
vice-admiral maung maung khin and other  ministers
attended the seminar.  the seminar was jointly
sponsored by the  myanmar ministry of national
planning and economic development, the ministry of 
finance and revenue, the central bank of myanmar
and the dir. The  Xinhua News Agency.             
                 OCTOBER 25, 1994, TUESDAY   
LENGTH: 137 words    HEADLINE: more foreign banks
permitted to operate in myanmar    DATELINE:
yangon, october 25; ITEM NO: 1025045    BODY:    
three more foreign banks have been permitted to
open their representative  offices in yangon, the
capital of myanmar, an official report said today. 
the  central bank of myanmar yesterday issued
licenses to global commercial bank,  cambodia from
hong kong and shanghai banking corporation limited
and bangkok  bank limited to open representative
offices in yangon.  up to now, altogether 14 
foreign banks have already been permitted to open
their representative offices  in yangon.  after
the open-door economic policy was introduced in
myanmar in  1988, myanmar banking system is being
reformed and not only foreign banks are  permitted
to open representative offices but also private
banks are allowed to  offer financial service in
myanmar.  up to now, 13 private banks are
permitted  to do banking business in myanmar.     

Business Times                                   
October 24, 1994    SECTION: Singapore News; Pg. 2 
  LENGTH: 454 words    HEADLINE: Caltex planning
offices in Myanmar, Cambodia    BYLINE: Lilian Ang 
  BODY:      US-BASED oil giant Caltex plans to
set up representative offices in  Myanmar and
Cambodia next year.       The chairman and chief
executive of Caltex in Singapore, Clifton Hon,
says  the group has been doing market surveys on
the two countries since last year and  a final
decision is likely be made in 1995.         The
proposed offices would be similar to one recently
set up by Caltex in  Vietnam, which serves as a
listening post and helps to scout for business.   
   Caltex has traded oil and related products such
as lubricating oil and  asphalt in Vietnam since
the United States lifted its economic embargo
early  this year.       The three Indochina
offices are part of a well-publicised plan by
Caltex to  invest about US$ 5 billion (S$ 7.35
billion) in new refining, marketing and  terminal
facilities in the AsiaPacific during the next five
years.       Senior vice-president of Caltex
Petroleum Corp, John McPhail, told Business  Times
recently that about 60 per cent of the US$ 5
billion budget was for  refinery projects.      
The other 40 per cent will go into sharpening
Caltex's competitive edge in  trading and
marketing operations.       Caltex's latest
refining projects are in South-east Asia. In
Singapore, the  group is one of three partners
involved in a billion-dollar plan to upgrade its 
220,000 barrels per day Pulau Merlimau refinery.
The other two joint owners ofthe refinery are
British Petroleum and Singapore Petroleum Company. 
     Another major project is in Thailand, where
Caltex is building a new 130,000  bpd refinery.
This plant, costing close to US$ 2 billion, is to
be completed in  1996.       To expand its
marketing operations, Caltex is eyeing countries
such as China,  where it already has terminal and
retail businesses. Mr McPhail said the group 
planned to penetrate the market further through
joint ventures with Chinese  companies.           
         


~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Michael Beer
mbeer@xxxxxxxxxxx
"Let's do something about it"