By Guy Dinmore and Clare Hammond
Myanmar, April 11, 2016
Guangdong Zhenrong Energy Co, a Chinese state-controlled commodity trader, said the Myanmar Investment Commission (MIC) had signed its approval at a ceremony in Nay Pyi Taw on March 29 – the last full day in office for U Thein Sein’s government.
That day Guangdong Zhenrong also signed an agreement to take a 70 percent stake in the project consortium with military-linked Myanmar Economic Holdings Limited, state-owned Myanma Petrochemical Enterprise (MPE) and Yangon Engineering Group which is controlled by Htoo Group. The MIC confirmed it had signed its approval.
The headline figure of $3 billion would put the project among the biggest single foreign investments for Myanmar and mark another step in China’s “One Belt One Road” strategy of developing overseas markets through mega-infrastructure projects.
Read more at Myanmar Times