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Nippon Oil to produce natural gas o
- Subject: Nippon Oil to produce natural gas o
- From: tinkyi@xxxxxxxxx
- Date: Wed, 30 Oct 1996 07:43:00
Subject: Nippon Oil to produce natural gas off Myanmar
The Daily Yomiuri (Wednesday, October 30,1996)
Nippon Oil to produce natural gas off Myanmar
Nippon Oil Co. said Tuesday it has agreed with U.S oil giant
Texaco Inc. and British oil explorer Premier Oil PLC to start production
of liquefied natural gas (LNG) in the Andaman Sea off Myanmar in 1999.
The companies'local affiliates signed a basic agreement with
Myanmar and Thai authorities to sell 30,000 barrels a day of LNG to
Thailand's Petroleum Authority, Nippon Oil said. Although the company
said total investment has yet to be decided, it is estimated at some
50 billion Yen, according to industry sources. Nippon Oil will start
the first bussiness in Myanmar as a Japanese oil wholesaler due to the
assured purchases and in a bid to help stabilize Myanmar's economy,
company officials said.
The exploration site, located 60 kilometers off Myanmar in the
Andaman Sea, is around 27,000 square kilometers, the company said. Texaco
will take 50 percent of the mining rights as an operator company, while
Premier Oil will take 30 percent and Nippon Oil 20 percent. Nippon Oil
has established jointly with Japan National Oil Corp. a project subsidiary,
Nippon Oil Exploration ( Myanmar ) LTD, with a capital investment of
3 billion Yen.
No effects from EU sanctions
Bangkok ( AFP-Jiji )
European sanctions aimed at pressuring Myanmar on human rights and
democracy will not affects European investments in the country, a senior
Myanmar minister said Tuesday.
Reacting to European Union sanction imposed Monday restricting visa
applications for Myanmar officials, Energy Minister Khin Maung Thein said
European investors would not back out of their huge stakes in Myanmar at
present. "These santions have no bearing on our present relations with these
Western companies." he told reporters. Khin Maung Thein was in Bangkok to sign
a memorandum of understanding with the Petroleum Authority of Thailand paving
the way for gas sales from Myanmar.
The Myanmar minister said Western companies investing in Myanmar-
particularly in the energy sector-were committed to massive projects from which
it would be difficult and costly to withdraw.
"These projects take a tremendous amount of financing and one cannot
stop (them) just because of santions,"he said.
Under the latest measures, EU governments will be required to turn down
visa applications from members of Myanmar's ruling junta, their families or
senior military and security officials. High-level governmental contacts were
also banned, and EU ministers meeting in Brussels reaffirmed measures already
taken against Yangon, including an arms embargo and the suspension of most
bilateral development cooperation.
The steps were taken to pressure Myanmar to clean up its human rights
record and express concern at its lack of commitment toward democratization.
However, analysts said the measures were only symbolic in nature and would
have no real impact on the Myanmar junta, which seized power following a
bloody crackdown on pro-democracy demonstrators in 1988.
Although some European companies have bowed to pressure at home and
withdrawn their investments in Myanmar, European firms remain active in
Myanmar's developing economy-particularly in the energy sector.
Burma Youth Volunteer Association-Japan.