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August 13, 2020

Oil, coal industry generates over K27,000 mln in 4 years

With the collection of transport charges from the legally permitted oil and coal industry in Magway region in accordance with the law, more than K27,000 million were earned in four years, according to the Magway regional government. The regional government permitted the transport of 6.3 million barrels of oil from 2016-2017 financial year (FY) to 2019-2020FY and over 200,000 tonnes of coal from 2017-2018FY to 2019-2020FY, earning the revenue for the country.
“We have collected the revenue after negotiating with the attorney-general. Regarding hand-digging wells, we got over K3,000 million and in kind, a decrease from over K7,000 million in the previous government’s period. The different amount can be attributed to how the imposition of taxes is being managed,” said Chief Minister Dr Aung Moe Nyo of the Magway Region. The regional government led by Dr Aung Moe Nyo has collected transport charges of K3,000 per barrel containing 50 gallons starting from 2 June 2016. The regional government has increased the transport charges to K5,000 per barrel starting from 1 October 2018, earning over K26,557 million as of 30 June 2020.
“We have collected taxes from 15 entrepreneurs. We haven’t collected taxes from the illegal hand-digging wells,” said U Myint Zaw, Minister for Natural Resources, Environment, Electric Power and Energy. Regarding production and testing of minerals in Magway region, the Ministry of Natural Resources and Environmental Conservation has granted 42 blocks to 32 companies while the Magway Region Mineral Block Scrutinizing Team granted 6 blocks. So, they have collected K3,000 per tonne of coal starting from 1 September 2017 and earned over K638 million, according to the official record. —Zayyatu (Magway) (Translated by Hay Mar)

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