Business

Export earnings from natural gas exceed $200 million

Myanmar earned over US$218 million from exports of natural gas from April 1 to May 13 in the 2016-2017 fiscal year, according to the Ministry of Commerce.

An official from the commerce ministry said: “Up to May 13, the gas sector earned S$218.052 million. In the 2015-2016 FY, the total export earnings amounted to over $4.3 billion.”

Myanmar has four gas projects: Yadana, Zawtika, Yetagon and Shwe. Gas from the Yadana, Zawtika and Yetagon projects is exported to Thailand, while the Shwe project supplies gas to China.

Government to disclose full details on tender projects

According to Yangon Region Planning and Finance Minister Myint Thaung, the details of future tender projects between the government and private companies will be fully disclosed to the public.

He said this in response to a question posed by Yangon Region MP Aung Naing Htun of Thanlyin Constituency on whether projects being implemented by “departments under the ministries, corporations and the municipality” have any plans to let the public know if there are discrepancies in their budget spending or the quality of their projects.

Thilawa SEZ launches share trading

Shares in Thilawa Special Economic Zone Public Company started trading at Yangon Stock Market yesterday, with a 100-fold rise in demand.

The opening price was Ks40,000 with demand for 500,000 shares despite the company limited to selling 5,340.

Thaung Han of CB Securities said: “The shares are calculated by four means. We fixed the price at Ks40,000 but there was high demand. The closing value over the counter was Ks70,000. It will draw a lot of interest.”

Ministry to buy reserve rice

The Ministry of Commerce will take responsibility for buying a rice reserve for the country, according to the vice chairman of Myanmar Rice Federation (MRF).

Dr Soe Tun posted on Facebook: “A plan that the country’s rice reserve will be purchased by the consumer affairs department under the commerce ministry is welcome. It should be reserved for the public when climate change or disaster occur.”

The MRF urged the government to reserve rice in April during the El Nino heat wave.

US eases Myanmar sanctions

Move aimed at promoting reforms and economic development expected to give a big boost to exports and investments

The United States has eased some sanctions on Myanmar as incentive to support the newly elected civilian government to reform towards democracy and facilitate economic development.

"We did this to demonstrate support for the new government's democratic reforms and to promote broad-based, inclusive economic development", said US State Department spokesperson John Kirby.

Rice exports plunge

 

Exports of rice and broken rice have dropped during April and May and are lower than during the same period last year, according to the commerce ministry.

The two products have earned over US$15 million this year, while they earned $51 million last year. Altogether, 43,753 tonnes of rice and broken rice have been exported so far.

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