Myanmar imports large amount of fuel in two consecutive months
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Myanmar imported a total of over 530 million U.S. dollars' worth of fuel including petrol and diesel in the months of August and September, standing the highest monthly imports in value so far during this year, the local 7-Day News reported Wednesday.
The imports by the state-run Myanmar Petrochemical Enterprise ( MPE) under the Ministry of Energy for the month of August amounted to 174.98 million dollars in value, while that for September represented 357.22 million dollars, the report quoted the figures of the Ministry of Commerce as saying.
The two months' import figures of fuel respectively approached and exceeded the yearly figures of such imports, the report pointed out, citing the annual import figures of over 200 million dollars for the fiscal year 2003-04 and 250 million dollars for 2004-05.
The huge import of fuel during the period was apparently made to meet oil demand domestically, observers said.
Meanwhile, Myanmar has reportedly designed to raise its onshore crude oil production starting December to help meet its oil demand at home by drilling more test wells. The onshore oil output will be increased to 10,000 barrels from the current 9,400 barrels per day, according to the state-run Myanmar Oil and Gas Enterprise ( MOGE) which said Myanmar yields about 20,000 barrels of oil per day from both onshore and offshore areas, accounting for 40 percent of the 50,000 barrels of diesel and petrol the country consumes per day with the rest fulfilled through import from Singapore and Malaysia.
In a bid to cut the cost of oil imports, the government introduced a program in August 2004 to substitute fuel with gas for transportation purpose, converting some 9,000 diesel and petrol vehicles to run on compressed natural gas (CNG).
Meanwhile, Myanmar exported a huge amount of natural gas yearly since it has abundance of gas.
According to official statistics, in the fiscal year 2005-06 which ended in March, the country produced 7.962 million barrels of crude oil and 11.45 billion cubic-meters (BCM) of gas. Gas export during the year went to 9.138 BCM, earning over 1 billion U. S. dollars.
Source: Xinhua
The imports by the state-run Myanmar Petrochemical Enterprise ( MPE) under the Ministry of Energy for the month of August amounted to 174.98 million dollars in value, while that for September represented 357.22 million dollars, the report quoted the figures of the Ministry of Commerce as saying.
The two months' import figures of fuel respectively approached and exceeded the yearly figures of such imports, the report pointed out, citing the annual import figures of over 200 million dollars for the fiscal year 2003-04 and 250 million dollars for 2004-05.
The huge import of fuel during the period was apparently made to meet oil demand domestically, observers said.
Meanwhile, Myanmar has reportedly designed to raise its onshore crude oil production starting December to help meet its oil demand at home by drilling more test wells. The onshore oil output will be increased to 10,000 barrels from the current 9,400 barrels per day, according to the state-run Myanmar Oil and Gas Enterprise ( MOGE) which said Myanmar yields about 20,000 barrels of oil per day from both onshore and offshore areas, accounting for 40 percent of the 50,000 barrels of diesel and petrol the country consumes per day with the rest fulfilled through import from Singapore and Malaysia.
In a bid to cut the cost of oil imports, the government introduced a program in August 2004 to substitute fuel with gas for transportation purpose, converting some 9,000 diesel and petrol vehicles to run on compressed natural gas (CNG).
Meanwhile, Myanmar exported a huge amount of natural gas yearly since it has abundance of gas.
According to official statistics, in the fiscal year 2005-06 which ended in March, the country produced 7.962 million barrels of crude oil and 11.45 billion cubic-meters (BCM) of gas. Gas export during the year went to 9.138 BCM, earning over 1 billion U. S. dollars.
Source: Xinhua
