Thanlwintimes

Energy sector generates most foreign revenue to military council

Yangon, June (2)

The junta energy sector earned around $4 billion in foreign revenue following the most recent military takeover, according to the publication of ISP-Myanmar, a research organization, released on May 31.

Moreover, the total value of foreign investment in Myanmar in the two years since the coup has reached more than $ 5.4 billion, said ISP-Myanmar.

China’s investment in the Mee Lin Gyaing Energy Project, which was approved in May 2021, contributed $ 2.5 billion, or 70% of the roughly $ 4 billion in foreign revenue.

To this day, pro-democracy activists are calling on the international community to sanction the Myanmar Oil and Natural Gas Enterprise (MOGE), which is the military council’s source of foreign income.

Western allies, including the United States, have imposed sanctions on the activities of the military council and its allies, but it has not been effective, according to bloody money campaign group and democracy activists.

“Immediately sanction the oil and gas industry. And we need to take action against the state-owned bank that makes foreign income legal for Myanmar. It is necessary to carry out monitoring processes to make sanctions effective,” said an activist.

According to ISP-Myanmar data, China accounted for more than half of all foreign investments in Myanmar following the military coup, followed by ASEAN countries and Japan.

According to ISP-Myanmar, the energy sector received more than $700 million in July 2022, however, it is unclear which country invested.

Myanmar’s foreign investment has been losing money after the military coup, however, it was over $5.5 billion in the fiscal year 2019–2020 before the coup.

News-Than Lwin Times

Photo- Bloody Money Campaign

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