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May 28, 2020

Foreign investors eye Myanmar to open petrol retail stations

An attendant filling up a car at a petrol station. Photo: Aye Min Soe

Foreign investors are interested in exploring Myanmar’s petrol station market, said U Than Aung Kyaw, deputy director general of the Directorate of Investment and Company Administration (DICA).
“Those who are enthusiastic are discussing with officials concerned regarding rules and regulations. Foreigners show their interest in opening petrol retail stations”, said U Than Aung Kyaw. Potential investors need to seek approval from the Ministry of Electricity and Energy to invest in petrol sector, according to the DICA.
“Opening retail stations needs the ministry’s approval. The ministry screens investor companies’ experience, international background and technology. They also check the companies whether or not they can comply with the country’s rules and regulations. After screening process, the ministry gives a green light to invest”, U Than Aung Kyaw maintained.
At present, Thailand’s oil and gas conglomerate, PTT Company, is preparing to open retail outlets in Myanmar. Multinational companies, such as PUMA and Shell are also prepping to team up with local companies to open retail stations in 2019.
About 95 per cent of the fuel oil is imported into the country. Domestic fuel oil price depends on the import price as well as the dollar exchange rate, described U Win Myint, secretary of Myanmar Petroleum Trade Association.
Myanmar imports fuel oil primarily through Singapore, with a monthly figure of 200,000 tons of gasoline and 400,000 tons of diesel. There are around 70 fuel oil importer companies in Myanmar, with over 2,000 petrol stations.

 

By Nyein Nyein

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