Home » Healing Arts » Why Elite Petrochemical Opted To Bid And Invest More In Oil And Gas Products

Myanmar is one of the developing countries, critical petroleum and natural gas producer in the Asian continent. Although Myanmar is a poor country, it is deemed to be one of the pioneers of the petroleum industries in the world because it exported its first crude oil in 1853. In particular, the early British explorers unearthed a flourishing oil industry where they established the Burma oil company in 1871.  During that period, the Indians and British needed oil for their home industries. Most importantly, before the Japanese invasion of Myanmar and the outbreak of World War II, this national produced about 6.5 million barrels of oil annually.

 

In 2003, the United States and the Organization for Economic Cooperation and Development countries imposed economic sanctions on the Myanmar government. However, after the entry of a new government in 2010, the Western countries opted to remove sanctions imposed on Myanmar oil and gas industries. As a result of such a move, bidding began for the vast oil reserves in Myanmar despite accusations of human rights abuses and corruption circling the national oil company. Elite Petrochemical company involves one of the professional companies that that joined the bidding for oil and gas exploration rights in Myanmar. Despite the several blocks that had been opened for bidding by the new government, Elite had prepared for the bid because the company has invested a lot in Myanmar under the Ayer Shwe Wah Group of companies.

 

Since Elite petrochemical began its operations in 2015, it has continued to maintain its presence in Myanmar through more investments. The plan of investment more in Myanmar oil and gas is part of Elite’s strategy to expand production and exploration in the nation where it has extensive presence and expertise. Arguably, the Elite petrochemical leaders believes that more gas production and supply in Myanmar would contribute to energy security in this developing nation. As a consequence, the company has invested in trucks and gas stations in Yangon city and other major towns such as Taunggyi and Mandalay to increase the supply of Myanmar oil and gas products.

Published at: Recent Health Articleshttp://recenthealtharticles.org

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