Russia and Myanmar Sign Investment Cooperation Memorandum for Dawei Special Economic Zone
MOSCOW, Feb 23 (Reuters) – Myanmar and its close ally Russia have inked a memorandum on investment cooperation in the Dawei special economic zone, which includes the construction of a port and an oil refinery, as announced by Russia’s Ministry of Economic Development on Sunday.
The agreement was signed by Maxim Reshetnikov, the head of the Russian ministry, and Myanmar’s Minister for Investment and Foreign Economic Relations Kan Zaw during a visit by a Russian delegation to the southeast Asian nation.
“The text of the memorandum outlines the key parameters of several major infrastructure and energy projects that are being jointly undertaken with Russian companies in Myanmar,” stated Reshetnikov as per the Russian ministry.
“These projects include the construction of a port, a coal-fired thermal power plant, and potentially an oil refinery,” he added, noting that the refinery project is still under evaluation for economic viability.
“As for the refinery – there is a desire from the Myanmar side to have a refinery. Our companies are currently assessing the economic feasibility of such a project, which is quite complex,” Reshetnikov mentioned to Interfax news agency.
The Dawei special economic zone spans 196 square kilometers in the Andaman Sea and is designed to accommodate high-tech industrial zones, transport hubs, information technology zones, and export processing zones, according to the Russian ministry.
Following the military coup that ousted Aung San Suu Kyi’s elected civilian government in February 2021, Russia has emerged as Myanmar’s closest ally. The discussions between Moscow and Naypyidaw have included the prospect of deeper energy cooperation, such as Russia’s involvement in a gas pipeline project to Yangon and plans for a nuclear research reactor in the country.
(Reporting by Reuters; editing by Guy Faulconbridge)
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