Natural Gas Asia

Monday, November 24, 2014

Myanmar to Earn $900mn Annually from Myanmar-China Pipeline

Myanmar is likely to earn $900 million a year from the Myanmar-China natural gas pipeline, local newspaper Eleven Myanmar said in a report.

The oil and gas pipeline has been built by the China state-owned China National Petroleum Corporation (CNPC) export natural gas and crude oil from Myanmar to China. Currently, only the gas pipeline is operational. Crude oil pipeline is likely to open by end of this year.

The Myanmar government has announced it will receive a yearly amount of $1.8 billion, for a period of 30 years altogether the government will obtain $54 billion according to the Shwe Gas Movement, Eleven Myanmar reported.

Moreover, Myanmar will also get 16 percent as value added tax from crude oil pipeline that will export 22 million tons of crude oil to China.

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