PTTEP signs M-9 deal, official

BANGKOK – A Thai energy firm has signed a major deal to drill for natural gas in Myanmar, a company official said on June 25.
The agreement – to develop the M-9 block in the Gulf of Mottama – was signed by PTT Exploration and Production (PTTEP) on June 23, the official told AFP.
The official declined to reveal the value of the deal, but Thailand’s The Nation newspaper reported it would entail an investment of about US$2 billion.
Under the deal, PTTEP will work with the state-run Myanmar Oil and Gas Enterprise to develop the field, the Thai firm’s CEO Anon Sirisaengtaksin said in a statement to the stock exchange.
The field is expected to produce 300 million cubic feet of gas per day, with 80 percent exported to Thailand and the rest supplying Myanmar, the statement said. – AFP

Gems auction up and running in Yangon

YANGON – Myanmar on June 24 launched an 11-day auction of precious gems in Yangon, state media said.
The New Light of Myanmar announced that the sale of gems, jade and pearls would run until July 4 in the economic hub.
The daily gave no further details of the sale, but a staff member at the Myanmar Convention Centre confirmed an auction opened there that morning that was attended by both local and foreign dealers.
Myanmar auctioned off more than 7700 lots of precious stones, which officials valued at more than US$153 million, in March.
Myanmar is the source of some of the globe’s most beautiful rubies and each auction brings in more than $100 million. – AFP

Turkish business meet gutted

CYCLONE Nargis severely limited Myanmar’s contribution to the Turkey-Asia Pacific Economic Cooperation meeting in Istanbul, Turkey on June 16.
The meeting was attended by 21 nations within the Asia-Pacific region, including Myanmar.
Rizanur Meral, the president of Turkey’s Confederation of Entrepreneurs, Businessmen and the Industrialists Association (TUSKON), opened the event by extending his sympathies to Myanmar.
“Last year Myanmar attended this meeting with a delegation of 30 members headed by the Commerce Minister. And this year the nation planned to bring a much bigger contingent, including two ministers.
“But Cyclone Nargis changed that schedule… and we fully understand,” he said. However, a delegation of six from Myanmar, including the ambassador to Turkey, U Soe Myint, and five others did attend the conference. – Htin Kyaw