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Myanmar gas industry attracts record investments: official data
YANGON
Petroleumworld.com 11 29 07
Myanmar's booming natural gas industry drew a record 471.5 million dollars in foreign investment last year, accounting for over 60 percent of the total, official statistics showed Thursday.
The remainder of the 752.7 million dollars in foreign investment during the 2006-2007 fiscal year, which ended on March 31, went into the power sector, according to data from the government's Central Statistical Organisation.
Myanmar's neighbours, especially energy-hungry China, India and Thailand, have rushed to tap the energy resources in the military-ruled nation.
Investment in the oil and gas sector jumped nearly 12-fold in the last fiscal year, the statistics showed.
Opponents to the regime say such investments prop up the regime and blunt the impact of western sanctions, which have been toughened since the junta cracked down on pro-democracy protests in September.
Overall, foreign investment fell by nearly 88 percent, but the previous year's figure was unusually high due to a single six-billion-dollar investment by Thailand to build a hydropower dam near their shared border.
The statistics showed no foreign investments in areas like mining, tourism, or manufacturing last year.
The biggest foreign investor last year was China, which poured 281.2 million dollars into the country.
Britain was the second-largest investor at 240.7 million dollars, which includes money originating in offshore banking havens like the British Virgin Islands and Bermuda.
Companies registered in the British Virgin Islands have signed lucrative natural gas exploration and production-sharing deals with Myanmar's government.
Singapore was the third-largest investor at 160.8 million dollars, followed by South Korea at 37 million dollars and Russia at 33 million dollars.
Despite the international outcry over Myanmar's violent suppression of protests, investment in the nation's energy sector looks set to keep growing.
Thailand's largest oil exploration firm, PTT Exploration and Production, said earlier this month it would invest at least one billion dollars over the next five years to develop its offshore gas project.
Story from AFP 29 0900 GMT 11 07
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