While scores of western countries continue their economic pressure on military-ruled Burma, its Asian friends, however, are anxious to explore investment opportunities offered by the country, reports Chinland Guardian.
Profitable returns in oil and gas production are an irresistible temptation that have drawn more and more firms eyeing business offered in the golden land.
Recently, the Malaysia External Trade Development Corporation (Matrade) said it had identified major business opportunities offered by Burma in the oil and gas industry.
After sending a trade delegation to Burma in December 2010, Matrade said that the biggest country in mainland Southeast Asia offered long-term and profitable business opportunities for Malaysians.
“Fast-path development in the oil and gas sector in Burma has offered long-term opportunity to Malaysian businessmen. Burma is a place for Malaysian industry players to show their expertise,” a Matrade spokesperson was quoted as saying by a Malay daily.
According to Matrade data, Burma is the 40th and 77th largest gas and oil reserves country in the world.
International companies that are involved in inshore and offshore activities in Burma include Rimbunan Petrogas and Petronas (Malaysia); MPRL E & P Limited (British Virgin Islands); CNOOC, CNPC, North Petro-Chem and Sinopec (China); Essar and ONGC Videsh (India); Silver Wave (Singapore); Daewoo International (South Korea); PTTEPI (Thailand); and PetroVietnam (Vietnam).