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Myanmar: Indian Oil Corp to enter fuel market
Myanmar Petroleum Products Enterprise (MPPE) opened a tender to cooperate as a joint venture (JV) for import, storage, distribution and sale of all petroleum products expect liquefied petroleum gas and liquefied natural gas, reported The Economic Times. The JV will be for a maximum of 30 years, extendable for two 10-year periods. MPPE will hold 51% of the equity while a foreign company will hold the rest.
MPPE has been present in Myanmar´s fuel business for a long time. It currently owns four main fuel terminals and 24 sub-terminals. After being privatized in 2010, MPPE sold its 216 gas stations to private companies across the country expect for 12 pumps. The company now wants to re-enter the fuel retailing business of Myanmar, where 70 private companies run the country´s 1163 filling stations, with a foreign partner by the side.
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