Indian Oil Corporation has submitted a bid to enter the fuel retailing market in Myanmar, the Business Standard newspaper reported on September 3. “We have submitted a bid to start retail outlets and also set up LPG plants in Myanmar,” Mr Anish Aggarwal, director (pipelines) at IOC, India’s biggest state-owned refinery operator, told the New Delhi-based newspaper. The report said state-owned Myanma Petroleum Products Enterprise had last year invited private companies to form a joint venture for importing, storing, distributing and selling all petroleum products.
A report in April said the joint venture agreement would be for 30 years, with the possibility of two 10-year extensions, with MPPE holding a 51 percent share. IOC is the second Indian state-owned refining company to express interest in entering the fuel market in Myanmar in recent weeks. The Numaligarh Refinery at Morangi in Assam was in talks with the Myanmar government to export up to 500,000 tons of petrol a year, Bloomberg reported on August 18.
The facility is a subsidiary of India’s second-biggest state-owned refiner, Bharat Petroleum Corp. The Bloomberg report quoted London-based BMI Research as saying Myanmar imported more than 60 percent of its refined fuel and three domestic refineries capable of producing 57,000 barrels a day operated at 30 percent capacity in 2015. BMI Research estimated that fuel consumption in Myanmar would expand at an average of six percent a year between 2016 and 2020, outpacing Cambodia, Vietnam and Thailand. Austin Hooper Authentic JerseyShare This