News Post
The Myanmar government begins planning for new refineries
Myanmar’s Ministry of Electricity and Energy (MOEE) recently began the initial planning for new high-quality oil refineries in the country to satisfy anticipated domestic demand. Any new refineries will be placed in the private sector under Public Private Partnership plans.
The MOEE is specifically looking to construct one new refinery with a processing capacity of 5 million tons per year, and likely to be placed near Myanmar’s existing Thanbayarkan petrochemical complex in the Magway region. This new refinery plan also intends to support the existing mini oil refineries in the country by way of technical assistance and licensing help to these refineries with daily production ranging from 3,000 to 30,000 gallon of crude oil.
Even when considering a short-term impact from the COVID-19 pandemic, Myanmar is expected to be one of the fastest growing fuel markets in the Asia-Pacific region. Myanmar has dealt with refining capacity deficits for some time, and if this new build plan with government support proves successful, it would bring new independence to a country that imports 600,000 tons per month of petroleum.
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