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The Toronto Star
Jan 25, 07:33
est
Canadian firm in Myanmar oil and gas deal
YANGON, Myanmar (AP) - A Canadian company has signed an agreement
to exploit gas and oil reserves in western Myanmar, the government said today.
The production-sharing agreement between the government's Myanmar Oil and Gas Enterprise and Prime Resource Management (Cyprus) Ltd., which was signed Monday, calls for the Canadian company to explore an area 280 kilometres northwest of the capital, Yangon, and produce natural gas and oil. The amount of investment, commencement of exploration and other details were not mentioned. Foreign investment slumped following the Asian financial crisis in mid-1997. Oil and gas remain the predominant sector for foreign investors, comprising about 35 per cent of approved investment in Myanmar. |