Trafigura-backed firm opens Yan­gon ter­mi­nal

New Straits Times - - Business -

YAN­GON: An oil com­pany backed by global com­modi­ties gi­ant Trafigura has opened a US$92 mil­lion (RM399 mil­lion) oil and gas ter­mi­nal in Myan­mar to cash in on grow­ing energy de­mand from the fast-ex­pand­ing econ­omy.

The ter­mi­nal is ex­pected to in­crease energy im­ports af­ter a dis­ap­point­ing decline in for­eign in­vest­ment un­der the new demo­cratic govern­ment that took of­fice in March last year.

Built by Puma Energy and its lo­cal part­ner Asia Sun, the ter­mi­nal of­fi­cially opened for busi­ness over the week­end at the port of Thilwa, here.

Puma Energy Asia Sun gen­eral man­ager David Holden said it would cut im­port costs on prod­ucts rang­ing from jet fuel to petrol and bi­tu­men, used to make roads. AFP

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