Mekong Eye

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Doubts raised over Chinese oil refinery plan

A Chinese-led US$3 billion plan to build Myanmar’s largest oil refinery near the southern city of Dawei has raised questions about China’s strategic intentions in launching apparently commercially unviable projects, while local groups have already signalled their opposition.

By Guy Dinmore and Clare Hammond

Myanmar, April 11, 2016

Myanmar Times

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


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