India looks to build $6 billion refinery in energy-rich Myanmar
As China further intensifies its energy cooperation with Myanmar, India is working to ramp up its own presence in the same sector in the strategic.
India looks to build $6 billion refinery in energy-rich Myanmar NEW DELHI : As China further intensifies its energy cooperation with Myanmar, India is working to ramp up its own presence in the same sector in the strategically located neighbour with a booming energy industry. The joint visit by foreign secretary Harsh Shringla and army chief MM Naravane saw the 2 countries discussing the possibility of building a petroleum refinery in Myanmar that will involve an investment of $ 6 billion. India proposes to build the refinery in the Thanlyin region near Yangon, official sources said. "As of now IOCL has evinced interest in the project," said a source, adding that this would be a win-win arrangement for both countries. China currently accounts for almost 70 percent of foreign investments in the energy sector in Myanmar. India's eastern neighbour, which straddles India's Act East and Neighbourhood First policies, has very few refineries though and imports mostly account for its domestic fuel consumption. During their joint visit, Shrin…
