The Myanmar Times
Thursday, 28 May 2015
The Myanmar Times
The Myanmar Times

ConocoPhillips and Statoil sign deal for deepwater block

Norway's Statoil and US-based ConocoPhillips will invest more than US$300 million in the exploration and production of offshore oil and gas in Myanmar, according to an official from the Ministry of Energy (MOE).

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UOB receives nod to open Yangon branch

Singapore-based United Overseas Bank Group (UOB) has been granted a licence to begin operating in Myanmar from today, according to the Central Bank of Myanmar.

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Chili peppers for South Korea

The Ministry of Agriculture and Irrigation has announced a plan to export up to 500 tonnes of chili peppers to South Korea as a test.

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Yangon’s Vietnamese development lands Melia hotel

Spanish hotel chain Melia Hotels International signed a deal yesterday that will place a five-star Melia brand hotel at a prominent Vietnamese-owned development.

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Commodity trading takes to the internet

Trading in beans, pulses and paddy could move from warehouses to the web as soon as this month, as the Myanmar International Commodity Exchange (MICEx) prepares to launch its online platform.

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Yetagun review by October

A review into declining natural gas production from the Yetagun field ought to be complete by October, according to an official from Myanma Oil and Gas Enterprise.

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Urban Rent Control Act gets a makeover

A post-war era law considered too favourable to tenants – and squatters – is to be replaced with a more even-handed legal framework, officials say. The Urban Rent Control Act (1960), itself a revision of a law dating back to 1946, has been redrafted by the Ministry of Home Affairs and the Department of Housing Development and Human Settlements to address more up-to-date concerns, they said.

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Shwe pumps more gas for domestic industry

More of the country’s vast natural gas reserve is being made available for domestic use, officials have announced. The Shwe project, which pumps gas to China by pipeline, began releasing more gas for domestic users before the Thingyan festival, according to a statement from the Southeast Asia Gas Pipeline (SEAGP) company.

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Banks expand corporate activities

In a further major expansion of the banking sector, domestic banks have now opened kyat-denominated dealing services for corporate banking.

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Eight companies set to begin operations in Thilawa SEZ

Thilawa Special Economic Zone, less than an hour’s drive from downtown Yangon, is about to become operational. It will be the first of the country’s three SEZs to get under way. The other two are Kyaukpyu in Rakhine State and Dawei, Tanintharyi State.

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