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Burmese junta approves 15 investments, including US $ 2.5 billion power project

 


Burma


An artistic rendering of the Mee Lin Gyaing LNG project. / Provided

Through The Irrawaddy May 8, 2021

The regime-controlled Myanmar Investment Commission (MIC) has approved 15 projects, including a US $ 2.5 billion liquefied natural gas (LNG) power project, which is believed to be the largest investment since the military takeover on February 1.

The MIC chaired by Lt. Gen. Moe Myint Tun did not disclose details of the project in its press release. However, the LNG project approved on Friday is likely to be the China-backed Mee Lin Gyaing power project in the Irrawaddy Delta, given the nature and estimated cost of the project.

During Chinese President Xi Jinpings’ trip to Myanmar in 2020, Beijing and the governments of the National League for Democracy (NLD) were ousted by the coups and signed a letter of intent to speed up implementation of the project under the Belt and Road Initiative (BRI) agreement.

At the time of the coup, the Mee Lin Gyaing project was one of two LNG projects awaiting official approval. The other is worth $ 2 billion.

The 1,390 MW Mee Lin Gyaing project will be jointly developed by Yunnan Provincial Energy Investment Group Co. Ltd., UREC, Zhefu Holding Group Co. Ltd. and Supreme Group. The project is expected to be completed in 2023; 35% of the electricity produced will be distributed in the Ayeyarwady region, the rest going to Yangon via the national grid.

Officials familiar with the matter said it was likely the Mee Lin Gyaing LNG project was among those approved on Friday, but declined to comment further.

Supreme Group deputy general manager U Htu Htu Aung told Irrawaddy that the joint venture is awaiting approval of the Mee Lin Gyaing project. However, the company has yet to receive a notification from the MIC.

When the Irrawaddy asked if the implementation of the project could be delayed due to the effects of the coup, U Htu Htu Aung said: Since we are a local business, we cannot say something like this. It would depend on the main foreign investors.

The MIC said 100% of the electricity from the most recently approved LNG projects would be sold in the domestic market, adding that it should support the goal of providing 100% of the country’s electricity from the grid. national by 2030.

MIC said it had also approved new projects for animal husbandry, manufacturing and other sectors, as well as capital increases for two existing projects.

The latest World Bank forecasts reveal that Myanmars’ economy is in serious jeopardy and is expected to contract 10% this year due to the impact of the military takeover. Recently, the United Nations Development Program warned that all financial reports since the coup indicated that Myanmar was on the verge of collapse.

DICA’s business registration figures revealed that the number of new registered businesses fell by almost 87% after the coup compared to the same period last year.

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