India Offers to Build $6 Billion Oil Refinery in Myanmar
India is working to ramp up its own presence in the energy sector in Myanmar as China intensifies its energy cooperation with Myanmar.
The joint visit by foreign secretary Harsh Shringla and army chief MM Naravane saw the two countries discussing the possibility of building a petroleum refinery in Myanmar that will involve an investment of US$ 6 billion.
India proposed to build a refinery in the Thanlyin region near Yangon. “As of now IOCL has evinced interest in the project. This would be a win-win arrangement for both countries,” official sources mentioned.
Currently, China accounts for almost 70 percent of foreign investments in the energy sector in Myanmar.
During the visit, India has also announced a grant of US$ 2 million for the construction of the border Haat Bridge at Byanyu & Sarsi Chauk in Chin State. It aims to develop economic connectivity between Mizoram and Myanmar.