Trafigura-backed firm opens Yangon terminal

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