tag:blogger.com,1999:blog-11532243111618095922024-03-12T19:47:29.965-07:00Whispers from BurmaA collection of freelance articles and musingsThief of Thoughtshttp://www.blogger.com/profile/08166964580499403107noreply@blogger.comBlogger54125tag:blogger.com,1999:blog-1153224311161809592.post-19204475402139940312015-11-03T23:41:00.004-08:002015-11-03T23:41:54.404-08:00Big-name milk formula brands continue to flout Myanmar law<h2 class="contentheading" style="background-color: white; font-family: Georgia, 'Times New Roman', Times, serif; font-size: 32px; font-weight: normal; line-height: 35px; margin: 0px; padding: 10px 0px 0px;">
Big-name milk formula brands continue to flout Myanmar law</h2>
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<dd class="create" style="color: #666666; font-size: 11px; margin: 0px; padding: 0px;">By Victoria Bruce | Tuesday, 20 October 2015</dd></dl>
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<strong>Some of the world’s largest infant formula companies continue to defy Myanmar law, despite being given a grace period of over 14 months to comply with a 2014 law regulating the industry.</strong></div>
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Big-name brands including Nestle, Abbott, Wyeth and <span style="color: #3366ff;"><a href="http://www.mmtimes.com/index.php/national-news/7797-no-recall-for-dumex-products-distributor.html" style="color: black; outline: none; text-decoration: none;"><span style="color: #3366ff;">Dumex are among the top offenders</span></a></span>, continuing to supply products with incorrect labelling, according to international NGO Save the Children, which says many formula manufacturers and distributors are violating Myanmar law.</div>
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Myanmar introduced the “Order of Marketing of Forumlated Food for Infant and Young Child”, a code adopted from the World Health Organization’s International Code of Marketing Breast Milk Substitutes, into its National Food Law on July 24, 2014.</div>
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It is aimed at regulating the sale and promotion of infant formula and<span style="color: #3366ff;"><a href="http://www.mmtimes.com/index.php/national-news/1966-doctors-call-for-law-on-milk-powder-advertising.html" style="color: black; outline: none; text-decoration: none;"><span style="color: #3366ff;">promoting the importance of exclusive breastfeeding</span></a></span> until a child is at least six months old.</div>
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Companies were also required to translate their formula labels into the Myanmar language before an October 17 deadline.</div>
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However, a <span style="color: #3366ff;"><a href="http://www.mmtimes.com/index.php/in-depth/11800-milk-powder-firms-reined-in.html" style="color: black; outline: none; text-decoration: none;"><span style="color: #3366ff;">lack of government enforcement</span></a></span> means milk formula companies are getting away with breaking the law, and incorrectly labelled product continues to line the shelves of Myanmar’s major supermarket chains.</div>
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“Many companies claim to abide by the Code for public image, even though they do not, as shown in many violations committed,” Constance Ching from advocacy group International Baby Food Action Network (IBFAN) wrote in an email.</div>
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Jennifer Cashin, a consultant for Save the Children in Yangon, said there’s no question that manufacturers know they are breaking the rules. “They are complicit in, or are actually taking lead in, breaking the law, which they do in many countries around the world,” she said.</div>
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Civil society groups and NGOs, with support from IBFAN, are working together to compile lists of labelling violations and to train healthcare workers on how to monitor the international Code.</div>
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However Ms Cashin said more information on the new regulations needs to be provided to local distribution networks, such as importers, distributors and shopkeepers.</div>
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“It’s very important to get the word out and raise awareness of what is a violation, particularly in product labelling,” she said.</div>
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She said the most common labelling violations include promoting a product with health claims, or pictures of infants, and using labels that are not in Myanmar language.</div>
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Companies are not allowed to advertise or promote their products to the public. Gifts to mothers or healthcare workers are also forbidden under the Myanmar Order. All products <span style="color: #3366ff;"><a href="http://www.mmtimes.com/index.php/national-news/7891-ministry-to-ban-milk-powder-ads-through-fda-law.html" style="color: black; outline: none; text-decoration: none;"><span style="color: #3366ff;">must also have adequate labelling stating the superiority of breastfeeding</span></a></span>.</div>
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Several manufacturers have taken steps to comply with the Myanmar code and translate labelling information into the local language, but Save the Children collected many examples of violations during its pilot Code monitoring program, said the NGO’s spokesperson for the Code, U Swe Lin Maung.</div>
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He added that the government response to enforcing the new regulations has been slow, but civil society groups and NGOs are gearing up for more monitoring activities.</div>
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An official from the Ministry of Public Health who asked not to be named said departments responsible for enforcing the regulations was struggling to find staff, but that the government would start its enforcement program from October 17.</div>
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U Tun Zaw from the Food and Drug Administration’s (FDA) Safety Department said the two departments responsible for enforcing the rules are the Ministry of Public Health’s National Nutrition Centre, which will monitor and enforce the promotion of infant formula in healthcare facilities, and the FDA, which will monitor and enforce labelling for new imports.</div>
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However, there are estimated to be tens of thousands of incorrectly labelled infant formula products in the market.</div>
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These are still available on the shelves of major supermarket chains such as City Mart, Ocean and Capital Hypermarket and it is unclear whether the government will request distributors to replace these products with ones that adhere to labelling regulations.</div>
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Martin Hoelscher, general manager for Danone which owns popular Malaysia brand Dumex, told The Myanmar Times that Dumex had taken all necessary steps to comply with the Myanmar law, however incorrectly labelled stock was still in circulation.</div>
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“We estimate that more than 80 percent of our impacted products now on shelf are already in the new labelling,” Mr Hoelscher wrote in an email, declining to comment on what steps the company was taking to ensure existing stock complied with the new regulations.</div>
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U Tun Zaw agreed that existing product in the market remains a grey spot and said his department would be collecting data on brands and the exact amount of product, before enforcing any penalty.</div>
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“Distributors are concerned about economic impact but overall they say they are willing to comply with our new law,” U Tun Zaw says, adding that many distributors reported difficulties negotiating with the manufacturers.</div>
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He said a workshop would be held with the Ministry of Commerce, the FDA, the Ministry of Public Health and distributors to discuss penalties for companies who continued to violate the regulations.</div>
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Multinational Nestle entered the Myanmar market in 2012, and said that it was in discussions with the Ministry of Health and the FDA, and had obtained clarifications on the local code, with other member companies of the Asia-Pacific Infant and Young Child Nutrition Association (APIYCNA).</div>
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“Dialogue has begun through APIYCNA/members of APIYCNA [with] business in Myanmar,” David Pettinari, country manager of Nestle Myanmar, wrote in an email.</div>
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While many companies claim to abide by the international Code, the evidence of violations recorded by Code monitoring groups speaks for itself, said Ms Ching from IBFAN.</div>
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“The Code’s purpose is to protect infant and young child health, while companies’ sole purpose is to make profit. Protecting and promoting breastfeeding has an impact on product sales and the bottom line of profit, therefore there is an inherent and blatant conflict of interest,” she wrote in an email.</div>
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When questioned about products that were red-flagged in Save the Children’s report, and whether Nestle would recall these from the local market, Mr Pettinari insisted Nestle Myanmar’s infant formula products comply with Myanmar’s new regulations. “Following the implementation of the Local Code in 2014, all our labels were aligned to ensure compliance,” he wrote in an email.</div>
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“Our teams spend considerable time training and explaining our to distribution partners and sales force the importance of being fully compliant with the local code, while labelling of products is implemented by Nestle Myanmar,” he added.</div>
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According to IBFAN, infants who are breastfed have less risk of contracting ear and respiratory infections, diarrhoea, meningitis and allergies due to the antibodies passed from a mother’s breast milk to her baby.</div>
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Mothers who breastfeed also have reduced risk of type 2 diabetes, breast cancer, obesity, ovarian cancer, post-partum depression and bladder infections.</div>
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Ms Cashin said that while Myanmar has a strong breastfeeding culture, existing data showed rates of exclusive breastfeeding are low and mothers often experienced pressure from family members to supplement breastfeeding with “something extra” to increase the baby’s weight.</div>
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“If you are living in an urban area and are bombarded with messages about how a product will make your baby fat and smart and see better, that’s going to look like a really good option,” Ms Cashin said.</div>
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Without proper enforcement, experts believe the combination of a poorly regulated and expanding infant formula industry, lack of public health information, and unethical marketing practices by formula companies could have a detrimental effect on Myanmar’s breastfeeding culture and create serious health risks for Myanmar’s children.</div>
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Article first published in the Myanmar Times, Wednesday 04 October, 2015</div>
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BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-80899160170639162322013-04-04T05:10:00.003-07:002013-04-04T05:14:01.319-07:00Community engagement key to business success in Myanmar<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">Community
engagement key to business success in Myanmar</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">By Victoria
Bruce</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">Senior
Reporter, M-ZINE+</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">Engaging
local communities and ensuring international standard corporate social
responsibility (CSR) practices will be key to the success of petroleum projects
in Myanmar, says a leading civil society organization.</span><span style="font-family: "Arial","sans-serif";"><span style="font-family: "Arial","sans-serif";"><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-fbtr_I6EHOw/UV1oqtL1jzI/AAAAAAAAAI4/IkbAACgWKxg/s1600/EITI+3.jpg" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="http://4.bp.blogspot.com/-fbtr_I6EHOw/UV1oqtL1jzI/AAAAAAAAAI4/IkbAACgWKxg/s320/EITI+3.jpg" width="302" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image courtesy of Myanmar cartoonist "Lailone"</td></tr>
</tbody></table>
</span>For many
IOCs, this is the first time they’ve set foot in post-sanction Myanmar and
while most are no stranger to emerging markets, building a successful business
in the long-isolated Southeast Asian nation comes with its own set of risks and
challenges.</span>
</div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">For David
Allan, co-founder of civil society organization Spectrum, this doesn’t refer to
the geological challenges of petroleum exploration, but treading carefully in a
country that’s still transforming from a military dictatorship to a fledgling
democracy and is still marred by reports of human rights abuses. </span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“A great deal
of care needed in the areas of land and livelihood and it’s going to take time
to do that,” says the former chemical engineer.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;">“A tripartite dialogue
improvement between government, business and the public offers improved communication,
understanding and many opportunities to facilitate further national development,”
he says.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;"> </span><span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;"></span><span style="font-family: "Arial","sans-serif";">On a global
scale, the extractive industries are risky business in terms of human rights
abuses, and Myanmar is no different.</span>
</div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">Professor
John Ruggie, UN Special Representative on human rights and transnational
corporations (TNCs), notes “the extractive sector is unique because no other
sector has as enormous and as intrusive a social and environmental footprint.” </span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“The
extractive industries also account for most allegations of the worst abuses, up
to and including complicity in crimes against humanity.”</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“These are
typically for acts committed by public and private security forces protecting
company assets and property; large-scale corruption; violations of labour
rights; and a broad array of abuses in relation to local communities,
especially indigenous people,” Professor Ruggie says.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">In Myanmar’s
case, one landmark example is the Doe v Unocal trial, where villagers sued the
firm for complicity in forced labor, rape, and murder committed by the Myanmar
military, which was contracted to provide security for a pipeline project,
according to EarthRights International (ERI). </span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";"></span></div>
<br />
<span style="font-family: "Arial","sans-serif";">I</span><span style="font-family: "Arial","sans-serif";">n March of 2005, Unocal agreed to compensate
the plaintiffs in a historic settlement that ended the lawsuit. Shortly
thereafter, Unocal was acquired by Chevron, which has a 28.25 per cent stake in
the Yadana gas field operated by France’s Total. <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-qtLC-fppkgY/UV1oz2hXtSI/AAAAAAAAAJQ/Ekgi0Y8zv9s/s1600/EITI6.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="400" src="http://3.bp.blogspot.com/-qtLC-fppkgY/UV1oz2hXtSI/AAAAAAAAAJQ/Ekgi0Y8zv9s/s400/EITI6.jpg" width="246" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image: "Lailone"</td></tr>
</tbody></table>
</span>
<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif";">More recently, the massive Shwe Gas Project, a 2,800
kilometre pipeline carrying natural gas from Myanmar’s Shwe field to China, has
come under fire for disrupting traditional fishing and farming lands without
providing adequate financial compensation for affected villagers, says the </span><span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;">Shwe Gas
Movement (SGM), a community based organization.</span><span style="font-family: "Arial","sans-serif";"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;"> </span><span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;">“The majority of people in
Arakan State (Western Myanmar) rely heavily on both fishing and farming to gain
income and sustain their families. Both these industries are now being destroyed,
leaving residents jobless and without income,” SGM states in its 2011 report,
titled Sold Out.</span>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;"></span>“There’s a very significant and growing
history of social license issues in Myanmar,” Mr Allan says, pointing to recent
examples where communities have lobbied against projects, such as President
Thein Sein’s call to suspend the controversial Myitsone Dam project as a result
of public concern, the suspension of a mega coal-fired power station in Dawei
and the recent unrest over the Lapundaung Copper project.</span>
</div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“If they
(IOCs) don’t operate in a way that’s considered satisfactory then they’re going
to lose the public social license to operate and will be significantly impacted
as a result of that,” Mr Allan says.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";"><span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;"><table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-vBVeqvSw_l0/UV1nsBO6CoI/AAAAAAAAAIo/ooeFzzgz_m0/s1600/public+concerns.jpg" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="http://2.bp.blogspot.com/-vBVeqvSw_l0/UV1nsBO6CoI/AAAAAAAAAIo/ooeFzzgz_m0/s400/public+concerns.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Photo: Courtesy of Spectrum</td></tr>
</tbody></table>
</span></span></div>
<span style="font-family: "Arial","sans-serif";">In
post-regime Myanmar, ensuring the approval of community stakeholders, or social
license to operate, could make it or break it for new operators.</span>
<br />
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">So what can
companies do to minimize reputational risk and maximize community acceptance?</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">In absence of
existing comprehensive legal framework, Mr Allan says firms can follow many
international best practice principles – particularly John Ruggie’s Guiding
Principles of Business and Human Rights which outline how countries and
businesses can better manage business and human rights challenges.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“Companies would
be well advised to look carefully at what they need to do to operate
successfully in Myanmar,” Mr Allan says, adding “just following current
regulations isn’t going to be good enough.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;">He says ensuring community
participation and consent in the processes of decision making would overcome
many of the issues currently resulting from the operation of extractive
projects. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;"> </span><span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;">“There needs to be attention
to land, livelihood, environmental, gender, cultural heritage, benefit sharing,
safety, community harm and community protection issues, as these are considered
particularly important,” Mr Allan says.</span>
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;"> </span><span style="font-family: "Arial","sans-serif"; mso-fareast-language: EN-AU;">As Myanmar slowly emerges from the shadow of a former military regime
and begins the slow transition towards democracy, it’s clear that not only
policies, but people’s mindsets, need to reform and modernize. </span><span style="font-family: "Arial","sans-serif";"></span>
</div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“After
decades of isolation, there are gaps between those in the government who are
advocating reform policies and those at local level who are trying to implement
those policies without much guidance on how to do it, or much experience on
what best practice operation looks like,” Mr Allan says. <table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-l6aRBaSr-i0/UV1rnRnKisI/AAAAAAAAAJg/__FI0lSSXNo/s1600/483061_397878426948970_2127968423_n.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="http://4.bp.blogspot.com/-l6aRBaSr-i0/UV1rnRnKisI/AAAAAAAAAJg/__FI0lSSXNo/s320/483061_397878426948970_2127968423_n.jpg" width="276" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image: "Lailone"</td></tr>
</tbody></table>
</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">He says this
could involve local authorities or contractors, and a particular red flag
applies to local security firms, partly due to the lack of appropriate models
to follow and adequate training on internationally acceptable procedures. </span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">One way
operators can make inroads with local communities is by offering training and
employment opportunities and ensuring community involvement. </span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“Anything
that brings in external labour when there could be use of local labour will not
be received well by these communities, which would very much like to have
better employment options,” Mr Allan says.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“It’s
important for operators to not impose on, but involve communities. Very few are
thinking about this. Many are thinking, how do we get the project to go ahead, rather
than thinking about it from a community stakeholder perspective,” he says.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">By engaging
local business, foreign firms can help build capacity and transfer essential skills,
as well as provide education on international best practice and CSR strategies.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">There’s a
long way to go before local understanding is in line international practices,
and Myanmar businesses trade the model of corporate philanthropy for more
holistic CSR practices.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";"><table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-lTWbYhF0lUk/UV1otKr10BI/AAAAAAAAAJA/YyrSThZ0JWY/s1600/547332_339371559482924_1953280970_n.jpg" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="400" src="http://1.bp.blogspot.com/-lTWbYhF0lUk/UV1otKr10BI/AAAAAAAAAJA/YyrSThZ0JWY/s400/547332_339371559482924_1953280970_n.jpg" width="322" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Image: "Lailone"</td></tr>
</tbody></table>
</span></div>
<span style="font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;"> </span>“There are many in Myanmar who think CSR,
instead of being an all-encompassing model for shared value for business as it’s
viewed internationally, interpret it as a corporate philanthropy model where a
company gives to a local area or monastery,” Mr Allen says.</span>
<br />
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“There’s
quite a difference between the model of business creating shared value for
everybody and the model of corporate philanthropy.”</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">As Myanmar
continues to open up its petroleum blocks to international investors, the
nation’s coffers are set to swell with oil and gas revenues, meaning measures
need to be put in place to ensure revenue transparency and government spending.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">Last year,
the Myanmar government announced plans to voluntarily sign up to the Extractive
Industries Transparency Initiative (EITI) and a task force consisting of key
government officials was established in December. </span><span style="font-family: "Arial","sans-serif";">The purpose
of the EITI process is to track revenue flows and in-kind contributions between
companies and the government, with the intention of ensuring extractive
industry revenues reach the national budget and can then be used as part of an
overall government development package. </span></div>
<br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-KhMGQcl8jUo/UV1oyA4E81I/AAAAAAAAAJI/6oqkgQ3wXnQ/s1600/EITI4.jpg" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="http://2.bp.blogspot.com/-KhMGQcl8jUo/UV1oyA4E81I/AAAAAAAAAJI/6oqkgQ3wXnQ/s320/EITI4.jpg" width="291" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Arial,Helvetica,sans-serif;">Image: "Lailone"</span></td></tr>
</tbody></table>
<br />
<div class="MsoNormal">
</div>
<br />
<br />
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">If done well,
unlocking the wealth of Myanmar natural petroleum resources could prove
essential to the impoverished country’s growth, and the influx of foreign firms
could boost the industry by bring international best practice guidelines and
creating much needed local job opportunities.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">For Mr Allan,
the message is clear – as in any developing country, tread lightly, engage
local communities and when in doubt, adhere to international best practice
guidelines.</span></div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“Many large
operators have well developed models how to cover all aspects of due diligence
and operating rules and they need to apply it here just as they would in any
other complex operating environment,” he says.</span><br />
</div>
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";">“The
guidelines that exist internationally apply in Myanmar just as they would
anywhere else. And the pitfalls also exist – if you cut corners then there’s
likely to be a consequence for that.”</span></div>
<div class="MsoNormal">
<br /></div>
<div class="MsoNormal">
<span style="font-family: Arial,Helvetica,sans-serif;"> </span><span style="font-family: Arial,Helvetica,sans-serif;">This article first appeared in Issue 14, Vol 2 of M-ZINE+ business magazine on April 4, 2013</span></div>
<span style="font-family: "Arial","sans-serif";"></span><br />
<div class="MsoNormal">
<span style="font-family: "Arial","sans-serif";"></span><br />
<span style="font-family: "Arial","sans-serif";"></span></div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-51895814047137856542013-03-25T05:27:00.000-07:002013-03-25T05:27:18.280-07:00Underwater adventures... Malaysia's Allied Marine & Equipment take a look at sub-sea Myanmar<!--[if gte mso 9]><xml>
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<span lang="EN-US" style="font-family: "Arial","sans-serif";">Underwater Adventures... AME takes a fresh look at sub-sea Myanmar</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif";">By Victoria Bruce</span></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif";">From
the docks of old London town to the seas off southern Myanmar, Mark Shepherd’s
underwater adventures have taken him around the world.</span><span lang="EN-US"></span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif";">The
British-born commercial diver is the managing director of Allied Marine & Equipment
(Thailand), a wholly owned company of SapuraKencana Petroleum Berhad and the Thai
operating arm of Allied Marine & Equipment Sdn., Bhd., a Malaysian firm
specializing in underwater diving surfaces for the oil and gas industry and
part of the giant SapuraKencana oilfield services family.</span><span lang="EN-US"></span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif";">The
company is poised to make its first Myanmar play and is eying off the
underwater opportunities in the country’s burgeoning petroleum industry, Mr Shepherd told M-ZINE+ Senior Reporter Victoria Bruce.</span><span lang="EN-US"></span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;"> </span>“There are rumours of other large
multinationals coming into Myanmar soon and it’s no secret that companies here
are looking to expand their operations,” he said.</span><span lang="EN-US"></span></div>
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<span lang="EN-US" style="font-family: "Arial","sans-serif";">While
Myanmar currently offers a fraction of the work AME picks up in Malaysia and
elsewhere in the region, Mr Shepherd says that will increase once the country
opens up its offshore and deepwater blocks.</span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-_rrgfwp_7ds/UVBBbFnz6lI/AAAAAAAAAII/9tyZBTcdKiE/s1600/New+Image.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="277" src="http://1.bp.blogspot.com/-_rrgfwp_7ds/UVBBbFnz6lI/AAAAAAAAAII/9tyZBTcdKiE/s400/New+Image.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Underwater adventures... Photo: AME</td></tr>
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<span lang="EN-US" style="font-family: "Arial","sans-serif";">“The
amount of work available in Myanmar at present is probably about 10 per cent of
the work available in Malaysia however it’s obviously not going to remain that
way,” he says. </span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">“There’s
going to be significant growth in coming years and the people that get in early
are likely to do well.”</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">At
this time, AME feels it has some key advantages over its competitors and Mr
Shepherd hopes AME will become Myanmar’s service provider of choice in the
niche underwater area of inspection, maintenance and repair of offshore structures
and pipelines with their teams of divers and remotely operated vehicles (ROVs).</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">For
AME, Myanmar offers another major advantage – its geographical location means
that weather offshore is favorable during the lengthy northeast monsoon season
between November and March that often makes subsea work difficult or impossible
in other areas of the region.</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">Myanmar
is the geographical opposite of Thailand, Malaysia, Indonesia and Vietnam,
where 90 per cent of work is carried out between March and November, when the
weather is favourable, Mr Shepherd says.</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">“For
our work we need relatively calm seas and good weather otherwise it’s very
dangerous to take people and equipment in and out of the water.”</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">The
diving season here is November through until March so it gives you a chance to
increase utilization and assets and maintain at least some work during what is
normally a very quiet period for us,” he says.</span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-FuMr3Ayj95M/UVBB2d_4xdI/AAAAAAAAAIQ/MWQcZ5SF1kw/s1600/New+Image1.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="http://4.bp.blogspot.com/-FuMr3Ayj95M/UVBB2d_4xdI/AAAAAAAAAIQ/MWQcZ5SF1kw/s400/New+Image1.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Calm seas essential for smooth operations... Photo: AME</td></tr>
</tbody></table>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<a href="http://1.bp.blogspot.com/-04ymyXwaSlg/UVBB23P5jgI/AAAAAAAAAIY/4QXniiHZ7OI/s1600/New+Image3.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"></a><span lang="EN-US" style="font-family: "Arial","sans-serif";"></span><span lang="EN-US" style="font-family: "Arial","sans-serif";">So
monsoon season in other parts of the region means its perfect time to dive in
Myanmar, and for a subsea company like AME this means people and assets that
would otherwise be sitting idle are kept in operation.</span><span lang="EN-US"></span>
</div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">Mr
Shepherd’s underwater career began as a scuba diving hobby at age 18 and has
taken him to depth of the North Sea, which he says was “cold and boring” to the
pristine waters off Myanmar’s coasts, which he tips to be amongst the clearest
in the world.</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">Starting
out his Asian play on a cable ship laying telephone cables around the Gulf of
Thailand in 1992, Mr Shepherd later ended up running the operations in a Thai
based company as a member of a small management team, turning it into a
multimillion dollar public company.</span><span lang="EN-US"></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">He’s
now been with the SapuraKencana Group for two years and </span><span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">heads up AME’s
Bangkok base. </span><span lang="EN-US"></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">While the majority of their subsea contracts
are in the Thai and Malaysian market, AME’s Myanmar play follows the flow of
international operators with a rising interest in the Southeast Asian nation.</span><span lang="EN-US"></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">As an assets-based company, reliant on good
weather conditions and the number and size of contracts, Mr Shepherd says AME
has no plans to set up a permanent base in Myanmar just yet.</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";"><span style="mso-spacerun: yes;"> </span>“It’s difficult for a niche business like ours
to have a permanent establishment here,” he says. It is more advantageous, at
present, to have representative through an agreement.</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">“The
opportunity became apparent when Cranes and Equipment Asia (CEA) decided to
open shop here because we had people we knew and trusted on our behalf to be
here full time, so we can provide our services without carrying the costs which
inevitably would be passed on to the client.”</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">Like
many in the global oil and gas community, he’s also waiting for Myanmar to
offer up more offshore and deep water blocks because once operators come in,
the demand for subsea services like AME’s will rise.</span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-04ymyXwaSlg/UVBB23P5jgI/AAAAAAAAAIY/4QXniiHZ7OI/s1600/New+Image3.JPG" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="http://1.bp.blogspot.com/-04ymyXwaSlg/UVBB23P5jgI/AAAAAAAAAIY/4QXniiHZ7OI/s400/New+Image3.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A whole new world... a diver tends underwater infrastructure. Photo: AME</td></tr>
</tbody></table>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";"> </span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";"> “Pretty
much everything you do above surface, you have to do underwater at some time or
another,” Mr Shepherd says. “Basically there’s an entire infrastructure on the
sea bed, often out of the range of divers, that you can’t get down and put a
spanner on by hand, so many systems are now being designed for operation by
ROV,” he says.</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">And
as operators explore record deep water depth, a new breed of diver has emerged
– the electronic highly technical ROVs, some costing in excess of US$6 million
and capable of reaching depth of 3 ~ 4,000 metres.</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">“It’s
not economically feasible or pratically possible to carry out man diving
operations deeper than around 300 metres,” Mr Shepherd says.</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">“Once
you’ve hit that 300 metre work then everything has to be done by remotely
operated vehicles.”</span><span lang="EN-US"></span></div>
<div class="MsoNormal" style="mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif";">And
at the bottom of Myanmar’s deep water basins, a growing complex infrastructure
is being built to funnel hydrocarbons from production sites to onshore
facilities and beyond, and Mr Shepherd hopes AME’s diving and ROV teams will be
down there with it.</span><span lang="EN-US"></span></div>
<div style="text-align: justify;">
<span lang="EN-US" style="font-family: "Arial","sans-serif"; font-size: 11.0pt;">ENDS</span><span lang="EN-US"></span></div>
<br />
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-29747983266966326792013-03-19T19:47:00.000-07:002013-03-19T19:47:01.434-07:00Myanmar's slow road to reform<div class="post-head" id="post-head-356058">
<h2 class="entry-title">
Myanmar’s getting better — but there’s a long way to go</h2>
<div class="entry-meta">
<span class="entry-meta author byline">Victoria Bruce</span>
<span class="meta-sep">|</span>
<span class="date">
Mar 18, 2013 1:06PM </span>
<span class="meta-sep">|</span> <span style="color: blue;"><u>www.crikey.com.au</u></span></div>
<div class="entry-meta">
</div>
</div>
<div id="share" style="margin: 0px;">
Myanmar’s president — currently in Australia — is driving a
range of social, political and economic reforms in the former military
dictatorship. But Rome wasn’t built in a day, writes <b>Victoria Bruce</b> in Myanmar.
</div>
<div id="post-content">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><img alt="Thein Sein" class="aligncenter size-full wp-image-356163" height="295" src="http://media.crikey.com.au/wp-content/uploads/2013/03/theinsein.jpg" style="margin-left: auto; margin-right: auto;" width="550" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;">President Thein Sein is slowly transforming Myanmar from a military
dictatorship to a fledgling democracy, but for millions of Burmese
without basic services, how much have the reforms really helped?</td></tr>
</tbody></table>
<div style="text-align: center;">
</div>
Thein Sein is currently visiting Australia as part of a broader
re-engagement strategy. The former military man has put his neck on the
line to transform regime-ruled Myanmar, previously known as Burma, from
an impoverished nation isolated by decades of punitive sanctions to a
country that is rapidly opening up to the outside world.
<br />
Under Thein Sein’s administration, the government has freed hundreds
of political prisoners, including released Nobel Peace Prize Laureate
Aung San Suu Kyi from house arrest, embarked on peace deals with ethnic
minority groups and relaxed media censorship. To promote post-sanction
Myanmar’s re-engagement with the outside world, Sein has toured Europe
and hosted US President Barack Obama, and his country is set to chair
the Association of South-East Asian Nations in 2014.<br />
Many in Myanmar’s business community agree change is in the air — but
Rome wasn’t built in a day, and it’s a slow process transforming a
50-year old dictatorship into a vibrant capitalist democracy. As noted
by chairman of Myanmar agricultural company Tropical
Biotechnology, Ashok Murarka: “In a nation’s history 20 months is too
short a period to notice real changes. So far we see only realignments
of various views. These changes will be visible in a few more years.”<br />
For William Aung, director at Yangon-based consultancy Thura Swiss,
the most significant reforms to date include freedom of speech,
relaxation of media censorship and the liberalisation of the
economy. ”Since the President took office there have been some economic
reforms, such as allowing the formation of public companies, granting
licence to private insurance companies and some privatisation of the
military-controlled State Own Enterprises,” Aung said. “But the problem
is the lack of skilled workers, adequate law and regulations to do the
jobs. That is the major obstacle for Thein Sein’s administration.”<br />
Thein Sein’s commitment to Myanmar’s reform process — and bringing
military hardliners in the government along with him — demonstrates
courage and leadership, says Eugene Quah, an Australian-born lawyer and
one of the founders of the Australia-Myanmar Chamber of Commerce, who
lives in the economic capital of Yangon. ”He was handed a mess and has
had to tread a very fine line to move the country forward after decades
of stagnation while balancing so many different stakeholder interests
[both domestic and international],” Quah said.<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-v4Mp11XZshE/UUkifzxLt7I/AAAAAAAAAH4/ZNP3Wbbank8/s1600/26.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="266" src="http://4.bp.blogspot.com/-v4Mp11XZshE/UUkifzxLt7I/AAAAAAAAAH4/ZNP3Wbbank8/s400/26.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Despite reforms, life is still hard for many of Myanmar's rural poor. Photo: Victoria Bruce</td></tr>
</tbody></table>
But for many of Myanmar’s 60 million-strong population, the impacts
of Thein Sein’s reforms are yet to be experienced; three out of four are
without reliable access to electricity, according to World Bank
statistics, and mobile phone penetration is around 3%.
<br />
<span class="dquo">“</span>Until now I haven’t seen any positive
impact on rural/poor people,” Aung said. “Many people from village are
still poor and leaving their villages to go Yangon or neighbouring
countries to look for jobs and a better future.”<br />
Last month rice farmer Bar Lue was given his marching orders by local
township authorities because he lives and works in the vicinity of the
2400-hectare Thilawa Special Economic Zone (SEZ) mega-project, a
multibillion-dollar industrial zone and port project spearheaded as a
joint venture by the Japanese and Myanmar governments, touted as a
solution to the country’s infrastructure shortage. If completed, it will
be south-east Asia’s largest economic zone.<br />
Jared Bissinger, an economist and PhD student from Australia’s
Macquarie University who is studying Myanmar’s economy, notes land
confiscations are a common occurrence in modern-day Myanmar and could
pose a major problems in the future development of the country. As
Myanmar opens up for business, care needs to be taken to mitigate
further human rights violations and to include communities in future
negotiations.<br />
In urban Myanmar, change is more visible. Streets are clogged with
new cars following relaxation of import licences and taxes, Western
brands such as Coca-Cola and Pepsi are replacing local beverages, and
firms including KPMG and the UK’s Standard Chartered Bank have offices
in downtown Yangon. A Hilton hotel is tipped to open next year, a
Novatel is being built at the edge of Yangon, and 91 telecoms companies
have expressed interest in bidding for two mobile licences as the
Myanmar government moves to liberalise its telecommunications sector.<br />
Since the President took office and got the ball rolling on the
reform process, a myriad punitive sanctions have been eased against
Myanmar. Australia has rewarded the Thein Sein’s efforts by abolishing
sanctions, stepping up its aid commitments and encouraging trade
relationships. An Australia-Myanmar Chamber of Commerce has been
founded, and Australian firms including mega energy firm Woodside
Petroleum are preparing for their Myanmar play.<br />
While the President’s three-day visit is tipped to focus more on
government-to-government relations than engagement with Australia’s
private sector, for Myanmar, having Australia onside as its
geographically closest Western ally is an important part of building its
ASEAN and Pacific alliances. But the ongoing ethnic conflicts in the
northern Kachin and western Rakhine states remain a sore point for the
government, and it’s expected that human rights concerns will be on the
agenda during his Australia visit.<br />
While the President’s reforms are a step in the right direction, the
actions of his party aren’t enough, says Aung. “Not only Thein Sein nor
Daw Aung San Suu Kyi can change the country, but all Myanmar citizens
need to participate and help continue the reform process for future
generations,” he said.<br />
<br />
<em>*Victoria Bruce is the senior reporter at </em>M-ZINE+<em>, a Myanmar-based business magazine</em><br />
<em><a href="http://www.crikey.com.au/2013/03/18/myanmars-getting-better-but-theres-a-long-way-to-go/">http://www.crikey.com.au/2013/03/18/myanmars-getting-better-but-theres-a-long-way-to-go/</a> </em><br />
</div>
<br />BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-70683550927835018352013-03-05T20:37:00.002-08:002013-03-05T20:37:30.311-08:00Myanmar's deep water petroleum blocks on the horizon for IOCs<h2 class="contentheading">
<span style="font-family: Arial,Helvetica,sans-serif;">
International oil companies can go it alone, says Myanmar govt
</span></h2>
<span style="font-family: Arial,Helvetica,sans-serif;">
</span><div class="article-toolswrap">
<div class="article-tools clearfix">
<div class="article-meta">
<span style="font-family: Arial,Helvetica,sans-serif;"><span class="createdate">
Monday, 04 March 2013 18:43 </span>
<span class="createby"> </span></span></div>
<div class="article-meta">
<span style="font-family: Arial,Helvetica,sans-serif;"><span class="createby">Victoria Bruce / M-ZINE+ Senior Reporter </span></span>
</div>
<div class="buttonheading">
<span style="font-family: Arial,Helvetica,sans-serif;">
<span>
</span><span> </span><span> </span>
</span></div>
</div>
</div>
<span style="font-family: Arial,Helvetica,sans-serif;">
<br />International oil companies (IOCs) will be able to independently
invest 100 percent in offshore and deepwater blocks without having to
take on a local partner, Deputy Minister Htin Aung from Myanmar’s
Ministry of Energy (MoE) told <em>Mizzima’s</em> sister publication, <strong><a href="http://www.mizzima.com/others/announcement/8753-m-zine-advertisment.html" target="_blank">M-ZINE+</a></strong>, in an exclusive interview on Monday on the sidelines of a petroleum conference in Yangon.</span><br />
<br />
<span style="font-family: Arial,Helvetica,sans-serif;"></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"></span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"></span><br />
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<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-oeTnmy6BVes/UTbDnIsd1uI/AAAAAAAAAHo/MMvHTzzLh38/s1600/Shell+Exploration+&+Production+Perdido+deep+water+project,+Gulf+of+Mexico,+USA,+2010.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="425" src="http://2.bp.blogspot.com/-oeTnmy6BVes/UTbDnIsd1uI/AAAAAAAAAHo/MMvHTzzLh38/s640/Shell+Exploration+&+Production+Perdido+deep+water+project,+Gulf+of+Mexico,+USA,+2010.JPG" width="640" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Shell Exploration & Production Perdido deep water project, Gulf of Mexico, USA. Photo: Shell</td></tr>
</tbody></table>
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<td><span style="font-family: Arial,Helvetica,sans-serif;"><a href="http://www.mizzima.com/images/NewsPhotos/2013/MAR13/construction-of-oil-tanks-at-a-site-operated-by-CNPC.jpg" rel="rokbox[768 510](MAR13)" title="This picture taken on on June 1, 2012, shows the construction of oil tanks at a site operated by China National Petroleum Corporation at an offshore block of Madae Island near the town of Kyaukphyu in Rakhine State, western Myanmar. (AFP PHOTO)"></a></span> </td>
</tr>
<tr>
<td style="text-align: center;"><span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 9pt;"><em></em></span></span><br /></td>
</tr>
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<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-family: Arial,Helvetica,sans-serif;"><br /></span></span>
<br />
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<br />
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-family: Arial,Helvetica,sans-serif;">In Myanmar’s onshore sector, operators are required to team up with a
local partner to explore for oil and gas, the focus being on technology
and skills transfer, Htin Aung said, explaining that this requirement
will remain for all onshore and some shallow offshore exploration.</span></span><br />
<br />
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-family: Arial,Helvetica,sans-serif;"> </span>"At this moment, for onshore and shallow water, there will be a requirement for local participation. But for the deep water, which is capital intensive and high risk, we are looking to promote foreign direct investment," he said, adding the much-anticipated offshore bidding round could be opened by April 2013.</span><br />
<br />
<span style="font-family: Arial,Helvetica,sans-serif;">For many local companies, the announcement
will come as a disappointment, since around 100 firms have registered
with the MoE in recent months in anticipation of pairing up with foreign
operators to exploit Myanmar’s offshore petroleum resources.<br /><br />“Local
firms are lobbying against this,” said a representative from local
services company Parami Energy, which is a minority partner for onshore
block PSC-I with India’s Jubilant Energy.<br /><br />To balance things out,
the Myanmar government said it is leaving the decision whether to take
on a local partner to the discretion of the operator, explained Soe
Myint, the former Director-General of the Ministry’s Energy Planning
Department, who is now the Executive Director of local services firm
Machinery and Solutions Co Ltd.<br /><br />“We have more than 80 local
companies registered with the Ministry of Energy ready to work with
foreign E&P companies,” he said.<br /><br />But in the capital-intensive
business of deepwater exploration, where drilling one well can cost in
excess of US $100 million, it’s just not economically feasible to expect
the local partner to come up with five or 10 percent, or to free-carry
them, a representative from Anadarko Petroleum Corporation told <strong><a href="http://www.mzineplus.com/" target="_blank">M-ZINE+</a>.</strong><br /><br />“Most IOCs have global portfolios and if the terms aren’t profitable in Myanmar, then they’ll look elsewhere,” he said.</span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><img alt="This picture taken on on June 1, 2012, shows the construction of oil tanks at a site operated by China National Petroleum Corporation at an offshore block of Madae Island near the town of Kyaukphyu in Rakhine State, western Myanmar. (AFP PHOTO)" class="album" src="http://1-ps.googleusercontent.com/h/www.mizzima.com/images/NewsPhotos/2013/MAR13/xconstruction-of-oil-tanks-at-a-site-operated-by-CNPC_s.jpg.pagespeed.ic.tHVgcd2Kan.jpg" /></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 9pt;"><em>This
picture taken on on June 1, 2012, shows the construction of oil tanks
at a site operated by China National Petroleum Corporation at an
offshore block of Madae Island near the town of Kyaukphyu in Rakhine
State, western Myanmar. (AFP PHOTO)</em></span></span></td></tr>
</tbody></table>
<br /><span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-family: Arial,Helvetica,sans-serif;"></span>The
requirements in capital, technology, and the expertise of drilling a
well in 2,000-meter open deepwater as compared to depths of 200-500
meters in shallow offshore or onshore differ exponentially, said Edwin
Vanderbruggen, a partner of VDB Loi, a law firm specializing in
transactions and taxation.<br /><br />“Doing deepwater or doing petroleum
operations on the shelf is like comparing boiling an egg with cooking a
six-course dinner in a two-star Michelin restaurant,” Vanderbruggen
said. “It’s actually an entirely different business.”<br /><br />He said it
doesn’t make sense to have a local partner requirement for deepwater
offshore blocks, because the local partner has little to offer in terms
of technology or capital. <br /><br />“There are only four or five E&P
[exploration & production] companies in the world with the money and
technology to do deepwater,” said Vanderbruggen.<br /><br />“Drilling a
well at this depth costs $500-600 million,” he said. “If you have a
local partner who has 10 percent, that means with every well they have
to come up with $60 million. How many local partners in Myanmar have
that kind of money lying around? That will be very difficult.”<br /><br />
</span><br />
<table _mce_new="1" align="left" border="0" cellpadding="3" cellspacing="3" class="code" style="height: 94px; width: 246px;">
<tbody>
<tr>
<td><span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 10pt;"><em>To advertise in a special issue on Myanmar’s petroleum industry in M-ZINE+, datelined April 4, 2013, <a href="http://www.mizzima.com/others/announcement/8997-petroleum-flyer.html" target="_blank">click here</a>.</em></span></span></td>
</tr>
</tbody>
</table>
<span style="font-family: Arial,Helvetica,sans-serif;">
He said many operators will compare the profitability of a Myanmar play
against their global operations, and if the numbers don’t add up, they
won’t invest.<br /><br />“For example, if you want to invest $600 million to
drill a well, and your local partner can’t come up with his 10 percent,
what are you going to do? Free carry him? That’s giving money away,” he
said.<br /><br />Under the current MoE guidelines, foreign firms must enter
into a production-sharing contract (PSC) with the Myanmar Oil and Gas
Enterprise (MOGE), the country’s national oil company, which is
responsible for upstream hydrocarbon production.<br /><br />Htin Aung said
the terms and conditions of the PSC, the industry term for an agreement
between an IOC and host country regarding the percentage of <a href="http://www.glossary.oilfield.slb.com/en/Terms/p/production.aspx" target="_blank">production</a>
each party will receive, will not be up for negotiation, as the Myanmar
government wants to create an equal playing field for all applicants.<br /><br />“Before
it [the PSC terms] was negotiable, but now with more interest coming
from foreign companies, we will not have time for negotiation because it
takes too long,” he said. <br /><br />However, he stressed the need to
speedily develop Myanmar’s petroleum sector to respond to the country’s
growing demand for energy. <br /><br />“We are not going to entertain any negotiations, but we want to develop our country very fast,” Htin Aung told <strong><a href="http://www.mzineplus.com/" target="_blank">M-ZINE+</a></strong>, adding, “so the company that offers the best terms and conditions will be preferable.”<br /><br />Bids
are currently being invited for the country’s onshore tender, which is
due to close later this month. The much-anticipated tender for offshore
and deepwater blocks is tipped to be announced in the next few months,
industry insiders said.<br /><br />A range of international E&P firms
are putting in bids for some 17 blocks in Myanmar’s second onshore
tender, including India’s ONGV Videsh Ltd and UK-registered Dove Energy.</span><br />
<br />
<span style="font-family: Arial,Helvetica,sans-serif;">This article first appeared on www.Mizzima.com: </span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><a href="http://www.mizzima.com/business/8998-international-oil-companies-can-go-it-alone-says-govt.html">http://www.mizzima.com/business/8998-international-oil-companies-can-go-it-alone-says-govt.html</a> </span><br />
<br />
<span style="font-family: Arial,Helvetica,sans-serif;"><a href="http://www.mizzima.com/others/announcement/8997-petroleum-flyer.html">http://www.mizzima.com/others/announcement/8997-petroleum-flyer.html</a> </span>BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-14874141443843343702013-02-08T04:35:00.001-08:002013-02-08T04:42:56.354-08:00New Zealand to lead the herd Myanmar’s in dairy industry<span style="font-family: "Arial","sans-serif";">New Zealand to lead the herd Myanmar’s in dairy industry</span><br />
<br />
<span style="font-family: "Arial","sans-serif";">By Victoria
Bruce</span><br />
<span style="font-family: "Arial","sans-serif";">Senior
Reporter</span><br />
<span style="font-family: "Arial","sans-serif";">M-ZINE+</span><br />
<br />
<span style="font-family: "Arial","sans-serif";">The distant South
Pacific island nation of New Zealand is making its mark on Myanmar soil and
looking to transfer its agricultural prowess in milk production and dairy
manufacturing to farmers in the Southeast Asian country.</span><br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-GTd2rIPAdHk/URTrNC6y6dI/AAAAAAAAAGo/nuj05_2mURg/s1600/Jersey+dairy+cow.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="271" src="http://2.bp.blogspot.com/-GTd2rIPAdHk/URTrNC6y6dI/AAAAAAAAAGo/nuj05_2mURg/s320/Jersey+dairy+cow.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Enter the cows... NZ set to help boost Myanmar's dairy industry</td></tr>
</tbody></table>
<br />
<span style="font-family: "Arial","sans-serif";">New Zealand’s
Prime Minister Mr John Key recently toured Myanmar’s key cities of Yangon and
Naypyitaw and pledged <span class="il">NZ</span>$6 million in development funding for a model dairy
farm, the first of its kind in Myanmar.</span><br />
<span style="font-family: "Arial","sans-serif";">Mr Key, the
first ever New Zealand prime minister to visit Myanmar, met with key officials
including President Thein Sein and Opposition Leader Aung San Suu Kyi as well
as members of the New Zealand expatriate community during his three day visit
in November, 2012.</span><br />
<span style="font-family: "Arial","sans-serif";">However, Mr
Key (who is also the Minister for Tourism)’s visit wasn’t complete without a
visit to Yangon’s iconic Shwedagon Pagoda.</span><br />
<span style="font-family: "Arial","sans-serif";">His entourage
included New Zealand’s Ambassador to <span style="letter-spacing: 0.3pt;">Myanmar,
Thailand, Lao PDR and Cambodia</span>, HE Tony Lynch and Trade Commissioner
Karen Campbell. </span><br />
<span style="font-family: "Arial","sans-serif";">M-ZINE+
Senior Reporter Victoria Bruce sat down with Ambassador Lynch and Ms Campbell
in their Bangkok headquarters to discuss the commercial significance of New
Zealand’s re-engagement with Myanmar and how New Zealand aims to step up its
role in assisting Myanmar’s economic development.</span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-YLlHlbJQaDc/URTqrDwhH5I/AAAAAAAAAGg/oLbKJSOYXoo/s1600/John+Key+and+Aung+San+Suu+Kyi.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="146" src="http://3.bp.blogspot.com/-YLlHlbJQaDc/URTqrDwhH5I/AAAAAAAAAGg/oLbKJSOYXoo/s400/John+Key+and+Aung+San+Suu+Kyi.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Opposition leader Aung San Suu Kyi with NZ PM John Key. Photo PM's office</td></tr>
</tbody></table>
<span style="font-family: "Arial","sans-serif";"> </span><span style="font-family: "Arial","sans-serif";">While New
Zealand’s aid contribution to Myanmar is modest compared to major donors such
as the United Kingdom and Australia, Ambassador Lynch says his island nation
will make their mark by sticking to what they do best – exporting their dairy and
agribusiness expertise to assist local farmers improve production.</span>
<br />
<b><span style="font-family: "Arial","sans-serif";">Enter the cows…</span></b><br />
<span style="font-family: "Arial","sans-serif";">Dairy farming
is New Zealand’s largest export earner, with dairy products accounting for a
solid 21 per cent of merchandise in 2009, surpassing wool exports. The
country's largest company, Fonterra, controls almost one-third of the
international dairy trade and recently appointed a permanent country manager
for Myanmar.</span><br />
<span style="font-family: "Arial","sans-serif";">Popular New
Zealand dairy brands such as Fonterra’s flagship Anchor brand of butter line
the shelves of Yangon’s supermarkets and as the purchasing power of Myanmar’s
consumer market increases, New Zealand can expect demand for its high quality
calcium-rich dairy products to grow.</span><br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: left; margin-right: 1em; text-align: left;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-ZIuky7DjxXE/URTvr5M-qrI/AAAAAAAAAHM/UzcnKZ-n5Pc/s1600/Karen+Campbell,+NZ+Trade+Commissioner.JPG" imageanchor="1" style="clear: left; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="http://3.bp.blogspot.com/-ZIuky7DjxXE/URTvr5M-qrI/AAAAAAAAAHM/UzcnKZ-n5Pc/s320/Karen+Campbell,+NZ+Trade+Commissioner.JPG" width="213" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: "Arial","sans-serif";">NZ Trade Commissioner
Karen Campbell</span></td></tr>
</tbody></table>
<span style="font-family: "Arial","sans-serif";">Ms Campbell
said New Zealand, also known as the land of the Long White Cloud or <i>Aotearoa</i> in the Maori language of its indigenous
inhabitants, excelled in agribusiness and education services.</span><br />
<span style="font-family: "Arial","sans-serif";">“We want to
focus on what we know we do well, which has been sought after by the Myanmar
side,” she told M-ZINE+.</span><br />
<span style="font-family: "Arial","sans-serif";">Their flagship
project will be the model dairy farm, which aims to engage 20 – 25 local
farmers, each with around ten dairy cows, in a small-scale cooperative farming basis
where New Zealand dairy experts will assist with quality control, feedstock, milk
processing and development and general expertise and guidance on the cattle’s
upkeep.</span><br />
<span style="font-family: "Arial","sans-serif";">“A study completed
last year identified that dairy was the area where we should concentrate on in
Myanmar,” Ms Campbell said.</span><br />
<span style="font-family: "Arial","sans-serif";">“The feedback
from Myanmar side is they want help on improving the quality of the livestock
and gaining better understanding on feeding programs, such as different types
of grass and fertilizers and the collection and processing and development of
milk products,” she said.</span><br />
<span style="font-family: "Arial","sans-serif";">The project
is aimed at benefiting small farmers and Myanmar participants will be invited
to visit New Zealand and observe its booming dairy industry in action. </span><br />
<span style="font-family: "Arial","sans-serif";">Right now, a
private consultancy is undertaking a feasibility study and over the next 12
month will be involved in community engagement to connect with Myanmar farmers,
in conjunction with the Ministry of Livestock.</span><br />
<span style="font-family: "Arial","sans-serif";">“We had a
very positive reaction from the President and minister and it’s quite clear
that from the government perspective they are looking to support rural livelihoods
and development in the rural sector,” Ms Campbell said.</span><br />
<span style="font-family: "Arial","sans-serif";">While the
initial pilot project will focus on empowering grass roots farmers, Ambassador
Lynch says if the dairy project proves popular and economically viable then there’s
scope for the private sector to take up the cause.</span><br />
<div style="text-align: right;">
</div>
<span style="font-family: "Arial","sans-serif";">“We’ll take
it one step at a time, so if this works well and there’s lessons learnt and
knowledge gained, this could develop an internal momentum of its own,” he told
M-ZINE+.</span><br />
<span style="font-family: "Arial","sans-serif";">Ms Campbell
said the commercial sector could become involved in funding the expansion of
Myanmar’s dairy industry.</span><br />
<span style="font-family: "Arial","sans-serif";">“One of the
largest New Zealand dairy companies, Fonterra, recently announced the
appointment of a country manager to Myanmar and currently they’re exporting a
lot of dairy products from New Zealand,” she said.</span><br />
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-BDSw3MWpenw/URTwddERESI/AAAAAAAAAHY/dH7v7nHX3ho/s1600/Ambassador+Tony+Lynch.JPG" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" height="320" src="http://1.bp.blogspot.com/-BDSw3MWpenw/URTwddERESI/AAAAAAAAAHY/dH7v7nHX3ho/s320/Ambassador+Tony+Lynch.JPG" width="245" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Ambassador Tony Lynch</td></tr>
</tbody></table>
<span style="font-family: "Arial","sans-serif";">“If there’s
significant progress seen and good traction with New Zealand brands then you
would expect the commercial sector to show more interest in the sector,” Ms
Campbell said.</span><br />
<span style="font-family: "Arial","sans-serif";"></span><span style="font-family: "Arial","sans-serif";">As well as
the dairy project, New Zealand aid money will continue to channel into its
English-language training for officials scheme and providing tertiary education
scholarships.</span>
<br />
<span style="font-family: "Arial","sans-serif";">Its “practical
and pragmatic” officials training program, which connects Myanmar officials
with their relevant New Zealand equivalents in various government departments,
has been running for more than a decade.</span><br />
<span style="font-family: "Arial","sans-serif";">“As there are
a vast array of donors and clearly issues around aid coordination, our view,
which was reinforced during the Prime Minister’s visit, is that we should
concentrate on a couple of areas which we know will be valued and will be
helpful by the Myanmar side,” Ambassador Lynch told M-ZINE+.</span><br />
<span style="font-family: "Arial","sans-serif";">Discussions
with the Myanmar side highlighted a need for dairy expertise and education, two
niche markets where New Zealand excels.</span><br />
<span style="font-family: "Arial","sans-serif";">Since
President Thein Sein’s reformist government came to power in 2011, Ambassador
Lynch says New Zealand has gone from a low intensity relationship to renewed
engagement with post-regime controlled Myanmar, pointing to the significant
ramping up of its aid budget which has more than tripled from around <span class="il">NZ</span>$5.8
million between 1997 and 2012 to a projected <span class="il">NZ</span>$6 million of the next five
years.</span><br />
<span style="font-family: "Arial","sans-serif";">“This
reflects a commercial interest, a political interest and it reflects the
expectations around the level of engagement with the Myanmar government, its
people and the business sector,” Ambassador Lynch said.</span><br />
<span style="font-family: "Arial","sans-serif";">Notable New
Zealand companies active in Myanmar include construction and design firm
Becker, which has manned its Yangon office for around 17 years and mobile
telephony company Oceanic which has a portfolio of work in less developed
nations such as the Caribbean, and lately, dairy giant Fonterra.</span><br />
<span style="font-family: "Arial","sans-serif";">“There’s a
number of people nibbling at the doors and looking at various sectors,” Ms
Campbell said.</span><br />
<div style="text-align: right;">
</div>
<table cellpadding="0" cellspacing="0" class="tr-caption-container" style="float: right; margin-left: 1em; text-align: right;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-AIIegRrPIaM/URTtPLqCLDI/AAAAAAAAAG4/bWm3IydW9P4/s1600/Anchor+milk.jpg" imageanchor="1" style="clear: right; margin-bottom: 1em; margin-left: auto; margin-right: auto;"><img border="0" src="http://1.bp.blogspot.com/-AIIegRrPIaM/URTtPLqCLDI/AAAAAAAAAG4/bWm3IydW9P4/s1600/Anchor+milk.jpg" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Anchor dairy products</td></tr>
</tbody></table>
<span style="font-family: "Arial","sans-serif";"> New Zealand
companies that already have a Southeast Asian presence are best placed to make
the first move in Myanmar, says director of the New Zealand Thai Chamber of
Commerce, Justin Barnett.</span><br />
<span style="font-family: "Arial","sans-serif";">“Personally I
believe Myanmar offers a unique investment and trade opportunity for New Zealand
companies both within the region and even from New Zealand itself,” Mr Barnett,
a New Zealander who has worked and lived in Thailand for 12 years, told M-ZINE+
in an email.</span><br />
<span style="font-family: "Arial","sans-serif";">And while the
greater New Zealand business community is joining the flow of global investors
visiting post-sanction Myanmar, the island nation of some four million people
is unlikely to be fronting any significant investment to Myanmar.</span><br />
<span style="font-family: "Arial","sans-serif";"> “Broadly in terms of outward investment, New
Zealand is a capital-deficit country,” Ambassador Lynch said.</span><br />
<span style="font-family: "Arial","sans-serif";">“There’s more
investment coming into New Zealand than coming out,” he said.</span><br />
<span style="font-family: "Arial","sans-serif";">So for now,
New Zealand will focus on keeping its projects small and simple – focusing on
the niche sectors where global experience has shown it performs best.</span><br />
<b><span style="font-family: "Arial","sans-serif";">Trade versus investment…</span></b><br />
<span style="font-family: "Arial","sans-serif";">The general
trend with new or emerging markets is to cultivate trade relations before
committing to investment, and Ambassador Lynch says it’s likely the same will
happen with New Zealand and Myanmar commercial engagement.</span><br />
<span style="font-family: "Arial","sans-serif";">“Often you’ll
have a pattern of developing trade and investment will follow that,” Ambassador
Lynch said.</span><br />
<span style="font-family: "Arial","sans-serif";">Ms Campbell,
who is Trade Commissioner for Myanmar, Thailand, Cambodia and Laos, says that while
more Made-in-New Zealand products are popping up in Myanmar’s supermarkets,
current trade relations between the South-western Pacific Ocean country and the
Southeast Asian nation are remote.</span><br />
<span style="font-family: "Arial","sans-serif";">“There may be
<span class="il">NZ</span> product coming into the market through places like Singapore but the New
Zealand manufacturers are not necessarily managing that - it’s more likely
through distributers in Singapore who have those relationships with the Myanmar
market,” Ms Campbell says.</span><br />
<span style="font-family: "Arial","sans-serif";">With Myanmar
being part of ASEAN, trade engagement between the two countries is facilitated
under the framework of the Australian and New Zealand Free Trade Agreement,
which ensures 90 per cent of products are duty free, although quotas and
tariffs remain on certain products.</span><br />
<span style="font-family: "Arial","sans-serif";">And while
there’s been some interest from the Myanmar side in New Zealand products such
as dairy and fruit, it hasn’t peaked to a “heavy pounding on the door,” Ms
Campbell says. </span><br />
<span style="font-family: "Arial","sans-serif";">Some of the
key challenges inhibiting New Zealand exporters include lack of clarity over
import regulations and restrictions on the Myanmar side, such as import/export
licenses only being available to Myanmar companies.</span><br />
<span style="font-family: "Arial","sans-serif";">“It’s something
that’s still a distant unknown,” Ms Campbell said.</span><br />
<span style="font-family: "Arial","sans-serif";">“New Zealand
companies find themselves needing to locate people on the ground to facilitate
and that’s certainly been a huge certainly a huge challenge for New Zealand
companies looking to enter the Thai market,”</span><br />
<span style="font-family: "Arial","sans-serif";">“Right now we
don’t have a great deal of depth of knowledge on how complicated those processes
are within the Myanmar market, but one would expect, as with any emerging
market, that they’re not necessarily easy of straightforward.”</span><br />
<span style="font-family: "Arial","sans-serif";">She
anticipates the regulatory framework will become clearer over the coming months
once the by-laws of the Myanmar Foreign Investment Law (FIL) are promulgated.</span><br />
<span style="font-family: "Arial","sans-serif";">However, despite
the lures of post-sanction Myanmar’s untapped consumer market and investment
opportunities, the New Zealander’s aren’t about to let anyone pull the wool
over their eyes.</span><br />
<span style="font-family: "Arial","sans-serif";">“If businesses
rush into Myanmar, they’re going to find it very difficult,” Ambassador Lynch
says, highlighting the need for measured investment approach to one of the
world’s last frontier markets, isolated for decades under military rule.</span><br />
<span style="font-family: "Arial","sans-serif";"> “It’s quite clear that people have to go in
with their eyes open,” he says.</span><br />
<br />
<hr />
<span style="font-family: helvetica;"><i>For
a full feature story on New Zealand/Myanmar economic ties, please read
<a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+"><b>M-ZINE+</b></a> (issue 7) which is due to be published on February 14, 2013.</i></span><br />
<hr />
<span style="font-family: Arial,Helvetica,sans-serif;"><b><a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+">M-ZINE+</a></b> is a business weekly available in print in Yangon through Innwa Bookstore and through online subscription at <a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+">www.Mzineplus.com</a>.</span><br />
<br />BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com1tag:blogger.com,1999:blog-1153224311161809592.post-32376166853027672092013-02-05T03:35:00.002-08:002013-02-05T03:35:31.293-08:00The price of progress... Thilawa farmers face losing rice fields to SEZ<h2 class="contentheading">
Thilawa farmers face losing rice fields to SEZ
</h2>
<div class="article-toolswrap">
<div class="article-tools clearfix">
<div class="article-meta">
<span class="createdate">
Tuesday, 05 February 2013 </span></div>
<div class="article-meta">
<span class="createdate"> </span><span class="createby">By Ko Ko Gyi and Victoria Bruce </span>
</div>
<div class="buttonheading">
<span></span><span></span><span> </span>
</div>
</div>
</div>
“Two weeks to abandon your rice paddies or face a month in prison.”<br /><br />
<table _mce_new="1" align="right" border="0" cellpadding="2" cellspacing="2" style="width: 373px;">
<tbody>
<tr>
<td><a href="http://www.mizzima.com/images/NewsPhotos/2013/FEB13/residents-of-a-fishing-village-at-Thilawa.jpg" rel="rokbox[800 533](FEB13)" title="Fear of relocation ... residents of a fishing village at Thilawa say they've been asked to move, but they don't know where to go. (Victoria Bruce/ Mizzima)"><img alt="Fear of relocation ... residents of a fishing village at Thilawa say they've been asked to move, but they don't know where to go. (Victoria Bruce/ Mizzima)" class="album" src="http://1-ps.googleusercontent.com/h/www.mizzima.com/images/NewsPhotos/2013/FEB13/xresidents-of-a-fishing-village-at-Thilawa_s.jpg.pagespeed.ic.BU5_v8nLsC.jpg" /></a> </td>
</tr>
<tr>
<td style="text-align: center;"><span style="font-family: georgia,palatino; font-size: 9pt;"><em>Fear
of relocation ... residents of a fishing village at Thilawa say they've
been asked to move, but they don't know where to go. (Victoria Bruce/
Mizzima)</em></span></td>
</tr>
</tbody>
</table>
That was what Kyauktan Township authorities told rice farmer Bar Lue and
scores of others like him who make their livelihoods from cultivating
rice paddies in the vicinity of the 2,400-hectare Thilawa Special
Economic Zone (SEZ) mega-project.<br /><br />For Bar Lue it’s a big call.
The 56-year-old farmer has a wife and 10 children to consider, and said
the loss of his monthly income of around 400,000 kyat (US $468) would be
devastating.<br /><br />“We farmers need this land to survive and cannot afford to lose it,” Bar Lue told <a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+"><strong>M-ZINE+</strong></a> reporter Ko Ko Gyi during a recent visit to the proposed Thilawa SEZ site.<br /><br />“But if we have to move or get resettled in the future, we will demand the compensation that we deserve,” he said.<br /><br />San Win, a neighboring farmer in the village of Thida Myaing, which borders the proposed Thilawa development site, told <a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+"><strong>M-ZINE+</strong></a>
that the local authorities had informed him and 57 other farmers in
writing on January 31 that they must abandon their rice paddies within
two weeks or face spending 30 days in prison.<br /><br />He showed <a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+"><strong>M-ZINE+</strong></a>
his eviction notice which said that 4,233.19 acres of land in four
local quarters − Aye Mya Thida, Thida Myaing, Thilawa and Kont Tant –
were unauthorized for cultivation and therefore must be abandoned by
those working there within two weeks. No mention was made of
compensation or alternative sites where the farmers could cultivate
rice. Any resident opposing the decision could face 30 days
imprisonment, it said.<br /><br />“These fields have been in my family for
generations,” San Win said. “I was hoping to pass them on to my
children. If I lose my farm, I have no idea what I will do or how I will
survive in the future.” <br />
<br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-hZ0eBBLpXk8/URDqRlLFz3I/AAAAAAAAAGA/2hqbaCF-C6w/s1600/An+uncertain+future...+villagers+at+Thilawa+fear+they+may+have+to+move+to+make+room+for+the+Special+Economic+Zone.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="266" src="http://2.bp.blogspot.com/-hZ0eBBLpXk8/URDqRlLFz3I/AAAAAAAAAGA/2hqbaCF-C6w/s400/An+uncertain+future...+villagers+at+Thilawa+fear+they+may+have+to+move+to+make+room+for+the+Special+Economic+Zone.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">An uncertain future... villagers near Thilawa fear for their futures. Photo: Victoria Bruce</td></tr>
</tbody></table>
San Win, who supports a family of six,
stands to lose 30 acres. He is under no illusion that without a
livelihood he will be forced to leave Thida Myaing. <br /><br />The prospect of moving does not appeal to any of the farmers <strong><a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+">M-ZINE+</a></strong>
spoke to. As real estate prices in the area have increased
exponentially since the SEZ was announced, none could afford to buy land
in neighboring townships.<br /><br />A <a class="tooltip" href="http://uk.reuters.com/article/2013/01/23/uk-japan-myanmar-investment-idUKBRE90M1I520130123" target="_blank" title="Japan's rush into Myanmar snags on land ownership issues"><em>Reuters</em> report on January 23</a> quoted a local farmer, Win Aung, who supports a family of 12 by farming 30 acres. <br /><br />He
is quoted as saying that he was forced to sell his land at $20 per acre
to Myanmar's military junta in the 1990s. The government did not take
over the land at that time, but is now demanding that the villagers
vacate to make way for the development.<br /><br />“That puts the matter in a grey area,” <em>Reuters</em>
correspondent Antoni Slodkowski said. “The villagers are asking for
extra compensation but the government has refused, although prices
around Thilawa are [now valued] between $10,000 and $20,000 per acre.”<br /><br />The
debacle over land confiscations and inadequate compensation is yet
another stumbling block on the road to the development of this
multi-billion-dollar industrial zone and port project which is due to be
situated 25 km southeast of Yangon. <br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-LKIvZUw2BZk/URDtQg8YrKI/AAAAAAAAAGQ/6s6Qy_3tO0M/s1600/Blocks+selling+fast+...+Japanese+firm+Fuji+Real+Estate+at+Thilawa.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="213" src="http://2.bp.blogspot.com/-LKIvZUw2BZk/URDtQg8YrKI/AAAAAAAAAGQ/6s6Qy_3tO0M/s320/Blocks+selling+fast+...+Japanese+firm+Fuji+Real+Estate+at+Thilawa.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Blocks for sale... Japanese real estate firm Fuji at Thilawa</td></tr>
</tbody></table>
<br />The project is being
spearheaded as a joint venture by the Japanese and Myanmar governments,
and has been touted as a solution to Myanmar’s infrastructure shortage
and as one of President Thein Sein’s 2015 election milestones. If and
when completed, Thilawa SEZ will be Southeast Asia’s largest economic
zone. <br /><br />The industrial project has been strongly supported by the
Japanese government, which recently announced it would write off more
than half of Myanmar’s debt, as well as offering a minimal-interest loan
of $56.1 million this year in overseas development aid, on the
understanding that $22.4 million of that loan is earmarked for the
development of Thilawa SEZ.<br /><br />The site will be developed by a
private consortium of three Japanese firms − Mitsubishi, Sumitomo and
Marubeni Corporations − and three Myanmar firms, said Ichiro Maruyama,
the deputy chief of mission at the Japanese Embassy.<br /><br />Speaking to <a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+"><strong>M-ZINE+</strong></a>
on Monday, Maruyama said the Thilawa land rights situation was “very
complicated”, but that the Myanmar government was responsible for the
relocations.<br /><br />“We are following the government and we can’t do
anything about the relocations,” he said. “We are ready to work with the
government to resolve this case, under the existing rules and
regulations.”<br /><br />His comments come as a 140-strong delegation from
the Japan Business Federation, known as Keidanren, visits Myanmar this
week to lobby for Japanese business interests.<br /><br />“Keidanren hopes
to address problems blocking Japanese companies from doing business in
Myanmar, including flaws in its legal system, at a time when business
opportunities are expected to grow in the slowly democratizing Southeast
Asian country,” <a class="tooltip" href="http://www.japantimes.co.jp/news/2013/02/04/business/keidanren-set-to-make-splash-in-myanmar/" target="_blank" title="Keidanren set to make splash in Myanmar">said the<em> Japan Times</em></a>.<br /><br />According
to Jared Bissinger, a PhD candidate from Australia's Macquarie
University who studies Myanmar economy: “The Thilawa project could
provide a big boost for Myanmar's economy by creating jobs and helping
the country connect more efficiently with international markets.<br /><br />"But
local people need to be involved in these projects, not just by having
the chance at a job somewhere down the road, but also by having a voice
in the process,” he told <a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+"><strong>M-ZINE+</strong></a>.<br />
<hr />
<span style="font-family: helvetica;"><em>For
a full feature story on Thilawa SEZ and the issues surrounding the
relocation of local residents and the confiscation of lands, please read
<a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+"><strong>M-ZINE+</strong></a> (issue 8) which is due to be published on February 21, 2013.</em></span><br /><hr />
<strong><a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+">M-ZINE+</a></strong> is a business weekly available in print in Yangon through Innwa Bookstore and through online subscription at <a class="tooltip" href="http://www.mzineplus.com/" target="_blank" title="M-ZINE+">www.Mzineplus.com</a>.<br />
<br />
This article first appeared in the online edition of Mizzima.com:<br />
<a href="http://www.mizzima.com/business/8857-thilawa-farmers-face-losing-rice-fields-to-sez.html">http://www.mizzima.com/business/8857-thilawa-farmers-face-losing-rice-fields-to-sez.html</a>BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-24482076460437613232012-12-03T18:24:00.005-08:002012-12-03T18:24:52.834-08:00Obama wins hearts in Myanmar, where sanctions still hurt<div class="post-head" id="post-head-332099">
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<span style="font-family: Arial,Helvetica,sans-serif;">Obama wins hearts in Myanmar, where sanctions still hurt</span></h2>
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<span style="font-family: Arial,Helvetica,sans-serif;"><span class="entry-meta author byline">Victoria Bruce</span>
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Nov 20, 2012 10:38AM </span>
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<span style="font-family: Arial,Helvetica,sans-serif;">Burmese people have generally welcomed Barack Obama’s
visit — but even the US President doesn’t get as much applause as Aung
San Suu Kyi. </span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Myanmar-based journalist <b>Victoria Bruce</b> talks to locals.</span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;"><img alt="" class="aligncenter size-full wp-image-332183" height="295" src="http://media.crikey.com.au/wp-content/uploads/2012/11/Myanmar.jpg" width="555" /></span></div>
<span style="font-family: Arial,Helvetica,sans-serif;">In the dilapidated former capital of Yangon, Myanmar, a
rainbow-coloured portrait of US President Barack Obama smiles
benevolently across six lanes of haphazard traffic.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">The first ever visit by an American president to the impoverished
south-east Asian nation was met by tens of thousands of spectators
yesterday, some waving flags and congratulatory banners, others just
waiting until security task forces unblocked the pot-holed roads and
allowed normal traffic to resume.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Arker Kyaw, a softly spoken 19-year-old university student also known
by his tag name “Night”, is the artist behind Yangon’s hottest
graffiti. Together with his older brother and confidant Soe Wai Htun,
the pair used their savings and enlisted the help of friends and family
to raise almost US$50 (close to one month’s salary) to buy paint and
materials before waiting for the dead of night to descend upon the
streets, armed only with a bag of spray cans and a hand-held video
camera.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Why? To welcome President Obama, a foreign politician and iconic
figure who they admire and respect. “We like Obama because of his
leadership skills, his speeches and his heart,” Soe Wai Htun, 21,
translated for his brother. ”We just wanted to make him feel welcome as a
guest in our country.”</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">They realised the gravity of the risks they were taking; under the
former military regime getting caught using spray paint on public
property could land you in prison. But the brothers were more worried
about having their mural defaced before the President arrived. Their
first attempt — a similar portrait of Obama on a wall near the hotel
where he stayed during his six-hour visit to Myanmar — was destroyed the
same day it was completed, and already an attempt has been made to
deface the second mural.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">For Myanmar’s burgeoning media industry, Obama’s brief visit was
“historic”, according to U Myo Lwin, a veteran media player and senior
editor at weekly newspaper <em>The Myanmar Times</em>. Journalists
were released from strict pre-publication censorship requirements
earlier this year and many have finessed clandestine methods of
information-gathering under the watchful eye of the former military
regime. Most reporters have never travelled outside the country, let
alone received a visit to their own from the most powerful man in the
world.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><span class="dquo">“</span>Myanmar media have given quite a bit of
coverage to his visit, so yes we can say it’s a big deal for them,” U
Myo Lwin said, his comments reflected by the media scrum of reporters,
photographers and cameramen who waited patiently for hours in the hot
sun for a sight of the President’s Air Force One arrival on Monday
morning.</span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://2.bp.blogspot.com/-0VMBdwByhyg/UL1cBhAVnRI/AAAAAAAAAFA/_3pHeTW3fiw/s1600/Brothers+Soe+Wai+Htun+and+Arker+Kyaw.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="266" src="http://2.bp.blogspot.com/-0VMBdwByhyg/UL1cBhAVnRI/AAAAAAAAAFA/_3pHeTW3fiw/s400/Brothers+Soe+Wai+Htun+and+Arker+Kyaw.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Soe Wai Htun (left) with his brother, Obama artist Arker Kyaw. </td></tr>
</tbody></table>
<br />
<span style="font-family: Arial,Helvetica,sans-serif;">Many made the lengthy pilgrimage — in 35 degree heat along
blocked-off roads under the watchful eye of security forces — to the
historic Yangon University to listen to Obama address over 1300
people. Secretary of State Hillary Clinton and Myanmar’s opposition
leader Aung San Suu Kyi attended, while thousands of locals lined the
streets outside for a glimpse of the President.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Suu Kyi, a Nobel Peace Prize laureate, received her standard rock
star welcome as, dressed in peach and dark green, she greeted
dignitaries and posed for photos with a surging crowd armed with smiles,
smart phones and cameras. Earlier, she received an affectionate hug
from the President. Suu Kyi visibly enjoyed a lengthy discussion with
Claire Mitchell, the wife of the new US ambassador Derek Mitchell, and a
quiet chat with Clinton before Obama began his speech.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">He received a standing ovation after addressing the audience in their
own language (to say “thank you”). The applause almost matched that for
Suu Kyi.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">But not everyone got caught up in Obama-fever. ”I don’t know what all
this fuss is about,” said Daw Mya Lay, a 51-year-old grandmother who
lost her job as a seamstress in a garment factory catering for US
clothing lines six years ago after the US government imposed a blanket
import ban on all made-in-Myanmar products. “Hundreds of thousands of
women and girls lost their jobs overnight because of these American
sanctions — so why are they happy now?”</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">The US government’s recent announcement that it would lift the ban
could see the rejuvenation of Myanmar’s garment industry, which exported
around 80% of its wares to the US before sanctions. But it’s too late
for Daw Mya Lay, who now suffers from acute arthritis in her fingers,
rendering her unable to sew.</span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-Pf0GG9wDNzA/UL1dWB0_iPI/AAAAAAAAAFQ/4cqBwGAiHL8/s1600/P1100348.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="240" src="http://1.bp.blogspot.com/-Pf0GG9wDNzA/UL1dWB0_iPI/AAAAAAAAAFQ/4cqBwGAiHL8/s320/P1100348.JPG" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A woman at work in a garment factory. Photo courtesy of the Asia-Europe Foundation.</td></tr>
</tbody></table>
<span style="font-family: Arial,Helvetica,sans-serif;"> Myo Lwin realises not everyone in post-sanction Myanmar, a country
that was isolated for decades under a range of punitive financial, trade
and target sanctions, is ready to trust and embrace America. “Many see
America as very advanced, very competitive in many areas, a global
superpower and a material world,” U Myo Lwin said.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;"><span class="dquo">“</span>It had been a childhood dream among many
people wanting to go there in 1970s and still there are many who like to
see the US with their own eyes,” he said. ”In my opinion, there are not
many among the blue collar workers who blame America for their
hardships here. However, there are many who realise the consequences of
the sanctions.”</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">For many in post-sanction Myanmar’s business community, Obama’s visit
holds dual symbolism — the re-engagement means better business
opportunities and a shift away from dominant China. “The geopolitical
position of Myanmar is very strategic and the US realises China’s
growing power in the region and its influence upon Myanmar,” said La Min
Win, managing director of United Win Investment Corporation.</span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-ILNtcIM8yFU/UL1d9v9iEPI/AAAAAAAAAFY/_rJsN0-eQLw/s1600/La+Min+Win.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="200" src="http://4.bp.blogspot.com/-ILNtcIM8yFU/UL1d9v9iEPI/AAAAAAAAAFY/_rJsN0-eQLw/s200/La+Min+Win.jpg" width="178" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"><span style="font-family: Arial,Helvetica,sans-serif;">La Min
Win, managing director of United Win Investment Corporation.</span></td></tr>
</tbody></table>
<span style="font-family: Arial,Helvetica,sans-serif;"> Obama stressed Myanmar’s need to aim for economic prosperity, and
noted the US had lifted sanctions, now allowing American firms to invest
in the country. Soft drink giants Coca-Cola and Pepsi were among the
first US firms to make their move. ”But that kind of growth must leave
corruption behind,” Obama cautioned.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Political reform is the key to improving Myanmar’s economy and the
social welfare of its people, says La Min, who recently returned after
six years studying and working in Sydney. Together with a group of
colleagues he’s a driving force behind the establishment of an
Australia-Myanmar Chamber of Commerce and hopes President Obama’s visit
will set a precedent for others to re-engage with Myanmar and assist to
rebuild its crippled economy.</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Obama’s promise to lend impoverished Myanmar a “helping hand” — as
long as it continues to reform — came with a caution that Myanmar must
ramp up efforts to put an end to its bloody ethnic conflicts, and
release more prisoners of conscience.</span><br />
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-UB-ojhTZVqw/UL1emgvk2UI/AAAAAAAAAFg/1FZKfmy4Qgs/s1600/Barack+Obama+Yangon+University+address+3+Myanmar+flag+in+foreground.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="266" src="http://3.bp.blogspot.com/-UB-ojhTZVqw/UL1emgvk2UI/AAAAAAAAAFg/1FZKfmy4Qgs/s400/Barack+Obama+Yangon+University+address+3+Myanmar+flag+in+foreground.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Historic visitor... US President Barack Obama addresses an audience at Yangon University.</td></tr>
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<span style="font-family: Arial,Helvetica,sans-serif;"> <span class="dquo">“</span>Over the last year and a half, a dramatic
transition has begun as a dictatorship of five decades has loosened its
grip. Under President Thein Sein, the desire for change has been met by
an agenda for reform,” Obama said. “So today I’ve come to keep my
promise and extend the hand of friendship.”</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Myanmar seems to be attempting to get something right — at least on
paper. While the US President and most of the world was focusing on
Yangon, authorities released dozens of prisoners of conscience. But
local media reports of fresh violence in the far northern Kachin state
went mostly unnoticed.</span><br />
<br />
<span style="font-family: Arial,Helvetica,sans-serif;">This article first appeared on Australian news site Crikey.com: <a href="http://www.crikey.com.au/2012/11/20/obama-wins-hearts-in-myanmar-where-sanctions-still-hurt/">http://www.crikey.com.au/2012/11/20/obama-wins-hearts-in-myanmar-where-sanctions-still-hurt/</a> </span><br />
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<span style="font-family: Arial,Helvetica,sans-serif;"><em>*Victoria Bruce is the senior reporter for Myanmar-focused business magazine </em>M-ZINE+</span><br />
</div>
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BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-57632382258478779992012-11-19T04:03:00.000-08:002012-11-19T04:03:35.892-08:00Obama pledges commitment to Burma’s reforms <h2 class="contentheading">
<span style="font-family: Arial,Helvetica,sans-serif;">Obama pledges commitment to Burma’s reforms
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Monday, 19 November 2012 </span>
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<span style="font-family: Arial,Helvetica,sans-serif;"><span class="createby">Victoria Bruce </span></span>
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<span style="font-family: Arial,Helvetica,sans-serif;"><br />If Burma continues with its commitment to democratic reforms and
ending ethnic conflict, the United States will offer its ongoing support
in assisting to rebuild its crippled economy, US President Barack Obama
said on Monday afternoon.<br /><img alt="Barack Obama during Yangon University address Monday 19 November." height="400" src="http://1-ps.googleusercontent.com/h/www.mizzima.com/images/NewsPhotos/NOV12/600x400xBarack-Obama-Yangon-University-address.jpg.pagespeed.ic.yu-9AVkVLn.jpg" style="display: block; margin-left: auto; margin-right: auto;" width="600" /></span><span style="font-family: Arial,Helvetica,sans-serif;">Addressing
a crowd of some 1,300 people at Yangon University, and flanked by
Burmese pro-democracy icon Aung San Suu Kyi and US Secretary of State
Hillary Clinton, not to mention an anxious security detail, the
president was speaking during his six-hour trip to the former Burmese
capital, and the first ever to the country by a US president.<br /><br />“When
I took office as President, I sent a message to those governments who
ruled by fear: ‘We will extend a hand if you are willing to unclench
your fist,’” he said.<br /><br />“And over the last year and a half, a
dramatic transition has begun as a dictatorship of five decades has
loosened its grip. Under President Thein Sein, the desire for change has
been met by an agenda for reform.<br /><br />“So today I’ve come to keep my promise and extend the hand of friendship,” he said.<br /><br />It
was perhaps no coincidence that Obama referred to Burma’s previous
years of dictatorship while delivering a speech at Yangon University,
formerly Rangoon University, which was the scene of student uprisings in
1962, 1974, 1988 and 1996, most of which were violently suppressed. The
former military junta closed the campus in the 1990s fearing further
unrest.<br /><br />While praising President Thein Sein and noting the
progress his government has made toward democratic reforms and improving
freedom of speech for Burmese citizens, Obama noted that Burma still
has to find a solution to its ethnic conflicts and to release all
prisoners of conscience.<br /><br />“On that journey, America will support
you every step of the way: by using our assistance to empower civil
society; by engaging your military to promote professionalism and human
rights; and by partnership with you as you connect your progress towards
democracy with economic development.”<br /><br />Obama stressed Burma’s
need to aim for economic prosperity, and noted the US had lifted
sanctions, now allowing American firms to invest in the country.<br /><br />“But that kind of growth must leave corruption behind,” he cautioned.<br /><br />When
the 51-year-old president stressed the need for Burma, torn by
long-running civil war and ethnic conflict, to achieve national
reconciliation, the room erupted in deafening applause.<br /><br />The
bloody conflict in Burma’s western Rakhine State also needs to be
addressed, as does the debate over citizenship, said the Hawaiian-born
president, explaining that the US is also a nation of immigrants.<br /><br />Seated
between Clinton and Assistant Secretary of State for East Asian and
Pacific Affairs Kurt Campbell, Suu Kyi visibly enjoyed a lengthy
discussion with Claire Mitchell, the wife of the new US Ambassador Derek
Mitchell before the US President began his speech.<br /><br />The Nobel
Peace Prize laureate received her standard rock star welcome as, dressed
in peach and dark green, she greeted dignitaries and posed for photos
with a surging crowd armed with smiles, Smart Phones and cameras.<br /><br />Obama
concluded his remarks the same way he began, by addressing the audience
in their own language, if only to say “thank you”; but it was enough
for this Burmese audience, whose enthusiasm for the American almost
matched that for Suu Kyi.<br /><br />Obama left at 3:40 pm for Rangoon
airport where he was due to fly immediately to Phnom Penh to participate
in the current ASEAN summit.</span><br />
<br />
<span style="font-family: Arial,Helvetica,sans-serif;">This article first appeared on the Mizzima website on Monday 19 November: <a href="http://www.mizzima.com/news/inside-burma/8430-obama-pledges-commitment-to-burmas-reforms.html">http://www.mizzima.com/news/inside-burma/8430-obama-pledges-commitment-to-burmas-reforms.html</a></span>BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-50120927576246354352012-11-06T23:04:00.002-08:002012-11-06T23:04:58.333-08:00US Election: What if Myanmar could vote?<h1 class="title">
US Election: What if Myanmar could vote?</h1>
<div class="title">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-weight: normal;">By Victoria Bruce </span></span></div>
<div class="title">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-weight: normal;">Senior Reporter, M-ZINE+</span></span></div>
<div class="title">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-weight: normal;">Freelance contribution to the GlobalPost</span></span></div>
<div class="title">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-weight: normal;"> </span></span></div>
<span style="font-family: Arial,Helvetica,sans-serif;">MYANMAR — As part of GlobalPost's project to interview 100 people in
20 locations around the world about the 2012 US election, we asked
residents in Myanmar:</span><br />
<br />
<span style="font-family: Arial,Helvetica,sans-serif;">Who do you want to win the 2012 US election?</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">Will the election affect your country?</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">How has your view of the US changed since President Obama took office?</span><br />
<span style="font-family: Arial,Helvetica,sans-serif;">What should the next US president do?</span><br />
<br />
<div class="bio-block">
<div class="bio-left">
<div class="bio-photo">
<img src="http://www.globalpost.com/sites/default/files/global_survey4/Myanmar1.png" /></div>
<div class="bio-info">
<ul>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Name:</b><span style="font-size: 12px; line-height: 19px;"> </span>Myint Swe</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Country:</b> Myanmar</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Occupation:</b> Monk</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Age:</b> 34</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>I would vote for:</b> Undecided</span></li>
</ul>
</div>
</div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><strong>My vote: </strong>"I don't know."<br /><br /><strong>The election's impact:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"> "Our country is just starting
to re-engage with the United States so I hope this process will continue
after the 2012 election. I hope whoever is the new president will
continue promoting good relations between US and Myanmar."<br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">My view:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;">
"I am glad the US has started dialogue with Myanmar — our country needs
help to improve living conditions for everyone. But US dialogue against
countries like Iran worries me. Our world does not need more war."<br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">Top priority:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>Make a move towards global security stability and peace with Iran.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span></span></div>
</div>
<div class="bio-block">
<div class="bio-left">
<div class="bio-photo">
<img src="http://www.globalpost.com/sites/default/files/global_survey4/Myanmar2.png" /></div>
<div class="bio-info">
<ul>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Name:</b><span style="font-size: 12px; line-height: 19px;"> Ken Tun</span></span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Country:</b> Myanmar</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Occupation:</b> CEO of local energy firm Parami Energy</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Age:</b> 38</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>I would vote for:</b> Obama</span></li>
</ul>
</div>
</div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><strong style="margin: 0px; padding: 0px; text-align: center;">My vote</strong><span style="font-size: 14px; line-height: 19px; text-align: center;">: "</span>Barack
Obama. I'm impressed with policies of the Obama administration,
especially the foreign policy team led by Hillary Clinton. I was touched
when she requested a minute of silence for Cyclone Nargis victims in
Myanmar in 2008.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">The election's impact:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>We
are currently undergoing a political and social transition in Myanmar. I
understand the Obama administration supports the reform process of
Myanmar and I am not sure Republican will consider a friendlier approach
to the people of Myanmar.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">My view:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>Improved. The US economy is slightly better now and I have seen a great deal of effort in recovering from the sub-prime crisis.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">Top priority:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>Improve the image of America as a friendly ally.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span></span></div>
</div>
<div class="bio-block">
<div class="bio-left">
<div class="bio-photo">
<img src="http://www.globalpost.com/sites/default/files/global_survey4/Myanmar3.png" /></div>
<div class="bio-info">
<ul>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b><b>Name:</b><span style="font-size: 12px; line-height: 19px;"> Myo Lwin</span><br />
Country:</b> Myanmar</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Occupation:</b> Senior editor of the Myanmar Times</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Age:</b> 54</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>I would vote for:</b> Romney</span></li>
</ul>
</div>
</div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><strong style="margin: 0px; padding: 0px; text-align: center;">My vote</strong><span style="font-size: 14px; line-height: 19px; text-align: center;">: "</span>Mitt Romney. As a multimillionaire business man, he understands economy better than Obama.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">The election's impact:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> </span>"If
the Republican like Mitt Romney becomes president, he will be dealing
tougher with China, which can affect both US-China relations as well as
Myanmar-China relations. It depends on how Myanmar will play between the
US and China."<br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">My view:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>I have no idea."<br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">Top priority:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>Stability of the world economy.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span></span></div>
</div>
<div class="bio-block">
<div class="bio-left">
<div class="bio-photo">
<img src="http://www.globalpost.com/sites/default/files/global_survey4/Myanmar4.png" /></div>
<div class="bio-info">
<ul>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b><b>Name:</b><span style="font-size: 12px; line-height: 19px;"> Win Oo</span><br />
Country:</b> Myanmar</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Occupation:</b> Flower seller</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Age:</b> 16</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>I would vote for:</b> Obama</span></li>
</ul>
</div>
</div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><strong style="margin: 0px; padding: 0px; text-align: center;">My vote</strong><span style="font-size: 14px; line-height: 19px; text-align: center;">: "</span>Barack Obama … he has a nice face but I don’t know him."<br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">The election's impact:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>I don’t think so… we have our own problems here and the US is so far away.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">My view:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>I
don’t know much about US, but I heard they lifted sanctions against our
country … so I hope now life will be easier for people and my mother
can have a good job, so maybe I can go back to school again.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">Top priority:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>Make world peace and stop people from being hungry."</span></div>
</div>
<div class="bio-left">
<div class="bio-photo">
<img src="http://www.globalpost.com/sites/default/files/global_survey4/Myanmar5.png" /></div>
<div class="bio-info">
<ul>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b><b>Name:</b><span style="font-size: 12px; line-height: 19px;"> Moe Cho</span><br />
Country:</b> Myanmar</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Occupation:</b> Maid/Part-time student</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>Age:</b> 18</span></li>
<li>
<span style="font-family: Arial,Helvetica,sans-serif;"><b>I would vote for:</b> Hillary Clinton</span></li>
</ul>
</div>
</div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><strong style="margin: 0px; padding: 0px; text-align: center;">My vote</strong><span style="font-size: 14px; line-height: 19px; text-align: center;">: "</span>Hillary Clinton – because she is beautiful and a strong woman and has visited my country Myanmar.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">The election's impact:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>I hope my country will have better relationships with America and the new president will help that.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">My view:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>I think the US is better now because they lifted sanctions on Myanmar and they will help us grow our country.<span style="font-size: 14px; line-height: 19px; text-align: center;">"</span><br /><br /><strong style="margin: 0px; padding: 0px; text-align: center;">Top priority:</strong></span>
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> "</span>Make world peace and no more fighting<span style="font-size: 14px; line-height: 19px; text-align: center;">."</span></span></div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> </span></span></div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;">ENDS</span></span></div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;"> </span></span></div>
<div class="bio-right">
<span style="font-family: Arial,Helvetica,sans-serif;"><span style="font-size: 14px; line-height: 19px; text-align: center;">This article first appeared on the GlobalPost website on October 11, 2012: <a href="http://www.globalpost.com/dispatch/news/regions/asia-pacific/myanmar/120925/us-election-what-if-myanmar-could-vote">http://www.globalpost.com/dispatch/news/regions/asia-pacific/myanmar/120925/us-election-what-if-myanmar-could-vote</a> </span></span></div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-17919292327353254162012-10-29T04:57:00.000-07:002012-10-29T04:57:49.141-07:00Easing of U.S. imports ban opens new market for manufacturers<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Easing of U.S.
imports ban opens new market for manufacturers</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">BY VICTORIA BRUCE</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Senior Reporter</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">M-ZINE+ </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;"> </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">When the United States government announced a
blanket ban on made-in-Myanmar imports almost a decade ago, the country’s
garment manufacturing industry went into free-fall.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">The loss of its biggest export client forced over
100 garment factories to close and left thousands of workers destitute, said Dr
Aung Win, the vice chairman of the Myanmar Garment Manufacturers Association
(MGMA).</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">At their peak, exports of garments to the U.S.
totalled around US $232 million and by 2003, almost 90 percent of the garments
produced in Myanmar’s 400 clothing factories were destined for the shelves of
some of America’s biggest fashion brands, including Levis, Nautica and Gap. </span></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-0MtMs-CvmBU/UI5rbgvt_wI/AAAAAAAAAEU/C8KH4HWnH98/s1600/gap.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="283" src="http://1.bp.blogspot.com/-0MtMs-CvmBU/UI5rbgvt_wI/AAAAAAAAAEU/C8KH4HWnH98/s400/gap.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Scouts for US clothing labels such as GAP have been visiting Myanmar.</td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;"><span style="mso-spacerun: yes;"></span>“The U.S.
sanctions really devastated our garment industry and many factories had to
close,” Dr Aung Win told <span style="mso-bidi-font-style: italic;">M-ZINE</span><i style="mso-bidi-font-style: normal;">+</i> in an interview in Yangon. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Now, Myanmar’s crippled manufacturing industry
could receive a huge shot in the arm after U.S. Secretary of State Hillary
Clinton announced on September 27 that her government would take steps to lift
its ban on imports during the recent visits of President Thein Sein and
opposition leader Aung San Suu Kyi to the United States.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">The European Union (EU) is considering removing
tariffs and quotas on the import of Myanmar products and reinstating the
Generalised System of Preferences (GSP). The restrictions were put in place in
1997 due to concerns over the use of forced labour in Myanmar.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Western
fashion houses on the prowl</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Big American fashion houses are reported to have
already been scoping out opportunities to bring made-in-Myanmar garments back
to their catwalks, shelves and clothing racks.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Representatives of U.S. labels such as Gap and
Eddie Bauer, Germany’s Hugo Boss and British retailers Marks & Spencer and
Primark have visited the Southeast Asian nation in recent months.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“Since this summer many big American and European
companies have come to visit our association and to see our industry,” Dr Aung
Win said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“Many have already come from Hugo Boss, Gap, Eddie
Bauer, Marks & Spencer and Primark,” he said. “There’s so many I don’t
remember.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Local players in the country’s garment
manufacturing industry have welcomed the move, and say the re-opening of the
American market could break the current monopoly held by Asian garment-hungry
nations such as Korea and Japan.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Tun Tun, director of clothing factory Princess
Power Manufacturing Company Ltd., said he is very keen to establish links with
the U.S. market.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“As an owner of a factory, we will take of the
client with better terms and conditions and the U.S. firms give us much more
favourable terms and conditions than the Asian market,” Tun Tun claimed in an
interview with <span style="mso-bidi-font-style: italic;">M-ZINE</span><i style="mso-bidi-font-style: normal;">+</i> at the Traders Hotel in Yangon. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Transparency is important, according to this
manufacturer.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“If a U.S. investor comes to us, my policy is to be
very open and honest and show them that we have this capacity; we can produce
this product at this quality and if they are satisfied then we hope they can
work with us.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">West – East
shift during sanctions</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">A decade ago, the situation was dire. With their
biggest market, America, closed and many European clients seeking alternatives
to the stigma of producing garments in military-regime controlled Myanmar,
local manufacturers were left with little choice of destination to sell their
wares. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">This meant Asian firms could dictate payment terms
and conditions, sometimes at much less favourable rates than their Western
counterparts.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“In our Myanmar garment industry, the U.S. market share
used to hold the biggest part. But after the sanctions, the U.S. market closed
so we had to turn to Asian buyers,” Tun Tun said, adding Korea and Japan are
currently the two biggest clients for his firm and for many other Myanmar
manufacturers.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">But with any restricted market, monopolies occur,
and after the U.S. government’s blanket import ban on Myanmar products came
into play in 2003, stricken garment manufacturers had little choice. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“From the buyer side, Asian firms found themselves
with no competition so they could in a sense monopolize the industry,” Tun Tun
said. “At the same time, they pay much less compared to the U.S. market, but we
had no other choice other than accept their terms or to close up shop.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">So while the U.S. sanctions devastated Myanmar’s
manufacturing industry and contributed to the country’s economic decline, some
countries made a lot of money from Myanmar’s plight, according to Dr Aung Win.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“After the sanctions there was one Chinese company
who brought in woven jean orders for the German market. They brought a big
volume into Myanmar and sub-contracted out to more than 20 factories,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“After the sanctions there were no orders at all so
we had to take [business] from that Chinese company at a very cheap price,” he
said, noting that for one pair of pants or trousers they paid around 25-50
cents only, but they had no choice, to keep their workers and their companies
operating, but to accept the orders from this company.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;"><span style="mso-spacerun: yes;"> </span>“They made a
big benefit out of the U.S. sanctions,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Diversification
key to survival</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Before joining the MGMA in 2000, Dr Aung Win headed
up his family garment manufacturing business, Maple Trading Company Ltd, and is
no stranger to the European or U.S. markets.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">He’s produced a variety of clothing and apparel for
major fashion brands including Spanish powerhouses Zara and Pull & Bear as
well as getting his first big break from a Taiwanese sub-contractor making
men’s polo shirts for U.S. brand Siegfried and women’s shirts for retail chain
Walmart.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">He says diversification was the key to his
company’s survival since strong ties with the Spanish market accounted for
around 90 per cent of his company’s business before the 2003 sanctions, which
slashed around 10 per cent of his income from America’s Nautica.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“We were luckier than other factories since many of
them relied 100 percent on U.S. orders and when the sanctions came down, their
business disappeared and many had to close,” Dr Aung Win said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“For us, we produced around two lines for the U.S.
market and four lines for the Spanish market, so we weren’t affected as badly
as other companies,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">When Zara cancelled its orders in wake of the 2003
sanctions, his company was kept afloat by a contract with another Spanish
retailer until 2008 when that firm relocated its orders to neighbouring
Bangladesh, drawn by the favourable tax cuts from the country’s inclusion in
the European Union’s Generalized System of Preferences (GSP) scheme.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Since then, like most of his competitors in
Myanmar’s garment industry, he’s been relying on sporadic orders from Japanese
and Korean clients and currently spends around six to eight months of the year
producing down jackets for the Korean market.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">But the relatively small order sizes means many
factories only operate at full capacity for part of the year.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">However, Dr Aung Win is optimistic his country will
regain its once-booming manufacturing industry and is taking the first steps to
re-engage with the U.S. – he is currently courting a U.S. jeans buyer from San
Francisco and will be taking them on a site visit to his two factories this
week.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“We are starting slowly and waiting for the new
orders to come – waiting for the U.S. to come,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Finding the
right people for the job</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">In its peak period from in early 2000, it is
estimated Myanmar hosted around 400 garment factories with more than 300,000
employees, but now the industry is struggling to find enough skilled workers to
staff its factories, Tun Tun said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“Right now I don’t think we have enough human
resource skills because every factory has labour shortages, so we can’t reach
our optimum productivity,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“We need to raise our human resources capacity to
be more skilful and stable, but this can be done because our young people are
easily trained and willing to learn.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-wcX8oMmSeYE/UI5tywQKOpI/AAAAAAAAAEw/LWC_YI0mU2A/s1600/A+girl+at+work+in+a+social+enterprise+created+to+help+women+who+were+victims+of+sexual+trafficking.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="http://4.bp.blogspot.com/-wcX8oMmSeYE/UI5tywQKOpI/AAAAAAAAAEw/LWC_YI0mU2A/s400/A+girl+at+work+in+a+social+enterprise+created+to+help+women+who+were+victims+of+sexual+trafficking.JPG" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;"> A girl at work in a social enterprise created to help women who were victims of sexual trafficking. </td><td class="tr-caption" style="text-align: center;"> </td><td class="tr-caption" style="text-align: center;"> </td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">While labour in Myanmar is relatively cheap,
experts such as Professor Aung Tun Thet, senior advisor at the UN Resident
Coordinator’s Office, Yangon, point to Myanmar’s imminent need to build
capacity and skill workers to support Myanmar’s economic growth.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">He said the industry’s decline over the past decade
and Myanmar’s years of isolation from the international community has left the
country impoverished and its education system in disarray.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“This is a long term process - there are no quick
fixes,” Professor Aung Tun Thet said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“The question is how do we try to address this
skills gap in the short term,” he said, explaining that there needs to be a
greater focus on vocational education and workplace training to groom Myanmar’s
young labour force of some 30 million for successful employment.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span class="usercontent"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Dr Aung Win estimates the current
workforce to be around 150-200,000 but says many locally owned factories have
difficulty retaining staff because they cannot compete against the higher wages
offered by foreign owned firms.</span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">But money isn’t everything – local firms can
compete and keep workers by creating more attractive and pleasant working
environments for their staff and they can start by employing good management
conditions so their staff feel valued, Professor Aung Tun Thet said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“It’s a combination of pull and push factors,” he
said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“We can’t stop the pull – foreign firms will
attract people and pay exponentially more than local firms and we can’t stop
this,”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“However we can keep talent within our firms by motivating
them and allowing them to learn and grow.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span class="usercontent"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Local
versus foreign owned factories</span></b></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">As the Myanmar government irons out the finishing
touches to its long-anticipated foreign investment law, it is tipped that
investment in the manufacturing industry will be restricted to joint venture
with a local partner.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span class="usercontent"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“According to the new regulations
there are around 14 types of business which do not allow 100 per cent foreign
ownership, and this will include the garment industry,” Dr Aung Win said. </span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span class="usercontent"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“However, there is the
opportunity for foreign firms to joint venture with local firms and it’s very
likely the foreigners will take the majority partnership as they are bringing
in fresh capital and technology,” he said.</span></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">Experts including Professor Theodore Moran, an
American economist from Georgetown University, are in favour of liberal over
protectionist foreign investment laws because these allow economies to develop
naturally with healthy competition.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“Mandatory JV requirements induce foreign investors
to withhold their most advanced technology,” Professor Moran told <i style="mso-bidi-font-style: normal;">M-ZINE+</i> in an email. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“The key here is not to require foreign investors
to have local partners,” he said, stressing the word “not.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“It may seem counterintuitive but foreign investors
transfer more advanced technology into the domestic economy when they are not
“required” to do so than when technology sharing mandates are imposed upon
them.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Currently, South Korea and Japan have shown the
most interest in Myanmar’s manufacturing industry, with a number of Japanese
garment firms claiming spots in the Mingaladon Industrial Park outside of
Yangon.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“Most garment factories are controlled by Korean
firms,” Tun Tun said, adding that “Korean investors have their own factories
here and have plans for the long run.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">He said the resurgence of U.S. investment could
boost the industry, however if Myanmar’s locally owned factories could bring
their operations up to international standards they will be well-placed to fill
American orders.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“If American firms come here with their own
investment and build their own factory and train our people, this would be good
for our country as they will bring investment and technologies,”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“However if we are in direct competition, then our
local firms will not be able to compete with multinationals.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">One scenario would be to have local firms supplying
foreign exporters through CMT (cut, make trim) contracts where the supplier
keeps the development of new styles and the materials under his control, and
outsources the labour-intensive jobs, which has been the traditional method
employed in Myanmar’s manufacturing industry.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-Pjnn5NEVqg4/UI5sUPVRn0I/AAAAAAAAAEc/y-X0l3p_-F0/s1600/Garment+workers.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="267" src="http://4.bp.blogspot.com/-Pjnn5NEVqg4/UI5sUPVRn0I/AAAAAAAAAEc/y-X0l3p_-F0/s400/Garment+workers.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Women in a Myanmar garment factory.</td></tr>
</tbody></table>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;"> </span><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Challenges in
doing business</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">While Myanmar’s changing political and economic
environment combined with a cheap and abundant labour force have peaked the
interest of foreign investors, experts say current challenges such as the high
cost of land and lack of infrastructure are holding back significant investment
in the manufacturing industry.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Alessio Polastri, managing partner of local law
firm P&A Asia terms Myanmar’s current land price issue as the “worst aspect
of Myanmar” and says for some investors it poses serious problems. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“Lack of infrastructure will be temporary and
telecommunication networks will come, as will a banking system,” Polastri said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“But right now, [the] price of land is completely
uncertain – it’s a total deal-breaker.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“Unfortunately this may push investors out of the
country, not only those in real estate but those in manufacturing,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“Even if the labour costs are cheaper than in other
countries, for example China, people are still thinking twice about Myanmar because
of the price of land,” Polastri said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">He said Myanmar had a long way to go before
positioning itself as a more attractive investment destination than
manufacturing-intensive emerging markets such as Bangladesh, Vietnam and
Cambodia, which also boast low labour costs.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">For local investors, the biggest obstacle to
running an effective garment factory is lack of electricity, since domestic
demand far outweighs current supply, often leaving factory owners to rely on
expensive diesel-fuelled generators.</span></div>
<div class="Default" style="text-align: justify;">
<span style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">“Local business have
listed the most important obstacle to doing business as the insufficient
electricity supply, followed by political instability, foreign sanctions,
corruption and credit,” said Jared Bissinger a </span><span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">PhD candidate at Australia’s
Macquarie University who is studying Myanmar’s economy.</span></div>
<div class="Default" style="text-align: justify;">
<span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Other issues such as out-dated
technology and challenging logistics mean Myanmar’s garment factories struggle
to reach optimum productivity, Dr Aung Win said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">Today, with many firms feeling the squeeze of the
global economic downturn, buyers will be looking for the best bang for their
buck, says Keith Rabin, president of New York-based business consultancy KWR
International.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“We are experiencing a </span><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">general global economic
weakness, so expansion of manufacturing capacity is not a high priority for
many companies these days,” Rabin told M-ZINE+.</span><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“However, given rising labour costs in China and
other parts of Asia and an escalation of political tensions elsewhere in Asia,
we are starting to see a shift of production out of China into Southeast Asia,”
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“Myanmar is likely to benefit from this emerging
trend and this relaxation makes that more feasible,” he said.</span><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="Default" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">Removal of
European trade tariffs</span></b></div>
<div class="Default" style="text-align: justify;">
<br /></div>
<div class="Default" style="text-align: justify;">
<span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">Although
trade with Myanmar was not prohibited under European sanctions, negative
stigma, issues with U.S. financial sanctions and unattractive trade tariffs has
kept European interest to a minimum over the past decade.</span></div>
<div class="Default" style="text-align: justify;">
<span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";">The country’s exclusion from the
EU’s Generalized System of Preferences tax reduction scheme also places it on
an uneven playing field compared to manufacturing powerhouses such as
neighbouring Bangladesh, Tun Tun said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">“But if the U.S. orders come in and the EU gives us
back the Generalized System of Preferences, then we will have more choices and
our CMT will become higher,” Tun Tun said, adding this would result in greater
profits for local manufacturers who can then pass those benefits onto their
staff.</span></div>
<div class="Default" style="text-align: justify;">
<span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">In
lieu of the Myanmar’s progress towards democratization, the EU will look at
removing these restrictive trade tariffs, a move which will be welcomed by
European buyers and Myanmar manufacturers. </span></div>
<div class="Default" style="text-align: justify;">
<span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">The
country’s </span><span style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">exports to the EU totalled just 169 million euros
(US$ 221 million) in 2011 – about three percent of the country's total exports
to the world with textiles making up the majority of those exports to the EU,
the Commission said. </span></div>
<div class="Default" style="text-align: justify;">
<span style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">This is a stark
contrast to a decade ago when the EU was the second largest market for
made-in-Myanmar garments, behind the U.S., receiving around 40 percent of
Myanmar’s clothing exports in the year 2000.</span><span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;"></span></div>
<div class="Default" style="text-align: justify;">
<span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">The
EU Commission said its proposal to restore GSP status for Myanmar was based on
an <a href="http://www.ilo.org/actrav/info/pr/WCMS_182895/lang--en/index.htm" title="ILO report on working conditions in Burma"><span style="color: windowtext; text-decoration: none; text-underline: none;">International Labour Organization
(ILO) conclusion </span></a>that the country had made "significant"
progress in tackling forced labour.</span></div>
<div class="Default" style="text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-kQqNEGecT-M/UI5tGynENMI/AAAAAAAAAEk/iEcuV8Nqi78/s1600/P1100348.JPG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="240" src="http://4.bp.blogspot.com/-kQqNEGecT-M/UI5tGynENMI/AAAAAAAAAEk/iEcuV8Nqi78/s320/P1100348.JPG" width="320" /></a></div>
<div class="Default" style="text-align: justify;">
<br /></div>
<div class="Default" style="text-align: justify;">
<span style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">In a statement on
September 18, EU Trade Commissioner Karel De Gucht said that, "since
Myanmar started to open up earlier this year I saw the need to underpin such
deep and important changes with real economic support once key improvements for
the workforce had been met.” </span></div>
<div class="Default" style="text-align: justify;">
<span style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial;">"Trade is
fundamental to supporting political stability and the EU's trade preferences
mean we will give this reform-minded country priority access to the world's
largest market. That said, we will continue to engage with Myanmar to encourage
continued progress on all fronts," De Gucht said.</span><span style="color: windowtext; font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman";"></span></div>
<div class="Default" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">What the
experts say</span></b></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;">While some local manufacturers are bullish about
the return to the U.S. market, economists say that although Washington’s announcement
to lift the import ban is an important symbolic move in support of Myanmar’s
political and economic reforms, the country may need some time to see real
economic benefits.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">Australian economist and Myanmar expert Dr Sean
Turnell said he is “bullish” about Myanmar’s potential to resume its regional
status as an agricultural success story and this growth would naturally fuel the
country’s manufacturing industry.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">He says the removal of the U.S. import ban is an
important step forward for Myanmar’s economic and political growth.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“This is very significant. It removes the last
remaining external impediment to international investment in Myanmar, but
especially that in labour-intensive manufacturing,” Dr Turnell said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“Hitherto, investing in that sector made little
sense when the world's most significant market for the output of such a sector
was out of bounds.”</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">The move could also encourage potential investors
by ranking Myanmar as a more attractive investment destination in terms of
political risk.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">“It will take time for
investors to gain confidence but it is a step in the right direction,” said Tim
Harcourt, former chief economist at Austrade and professor at the Australian
School of Business in Kensington, New South Wales. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-bidi-font-weight: bold;">Australia never imposed
trade or investment sanctions on Myanmar, but instead opted for targeted travel
and financial sanctions against members of the former military regime, which
were suspended in April as part of the Australian government’s engagement
strategy with the impoverished Southeast Asian nation.</span><span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial;"></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">With time, trade links with the U.S. and the West
will grow as both sides explore new business opportunities, Bissinger said,
however it is unlikely Western demand will eclipse Asian markets, at least in
the short term.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“It's certainly a positive, as it gives export
oriented industries another major market to sell into. But it's an incremental
benefit, not a game changer,” Bissinger said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“It will take time to rebuild business
relationships and may take time for Myanmar producers to get products to the
standards needed by many American clients,” said<span style="mso-spacerun: yes;"> </span>Bissinger.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“Over the medium run, trade links should grow. Garments
were previously a major export to the US and could be again though it's
unlikely they will be as important as they were in the early 2000's. But Asian
markets will continue to be more important than the American market,” he
said. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">But most agree that while the U.S. government’s
move to ease its import ban on Myanmar and re-open a once crucial market to the
country’s exporters has positive symbolic political implications, further
economic reforms must continue before Myanmar reaches it real potential as an
attractive investment destination.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“While relaxation of the import sanctions helps to
move Myanmar out of the curiosity category into becoming a more viable
contender – one still has to factor high land prices and the other operational
issues within the parameters of an overall business and expansion plan,” said
Keith Rabin from KWR International.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">“That said, these measures are clearly a positive
in a story that has exceeded almost everyone’s expectations and it likely to
get better over time,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif"; mso-bidi-font-family: Arial; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">Clearly, these are early days. But there are indications
that hip Americans could soon be togged out in the latest fashionable designer
brand “Made in Myanmar” clothes.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="http://1.bp.blogspot.com/-Vzlbs9znyC4/UI5qQpX6HHI/AAAAAAAAAEM/sV9CP8oNdmQ/s1600/Mzine+Issue+42%252C+Vol.+1+-+US+ban+on+imports+Cover.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="400" src="http://1.bp.blogspot.com/-Vzlbs9znyC4/UI5qQpX6HHI/AAAAAAAAAEM/sV9CP8oNdmQ/s400/Mzine+Issue+42%252C+Vol.+1+-+US+ban+on+imports+Cover.jpg" width="282" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif";"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif";">ENDS</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif";"><br /></span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm; text-align: justify;">
<span style="font-family: "Georgia","serif";">This article first appeared in edition 42 of M-ZINE+ on 18 October 2012.</span></div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-83130007668545570512012-10-26T06:43:00.000-07:002012-10-26T06:43:37.659-07:00Telecoms giant Digicel invests in Myanmar<!--[if gte mso 9]><xml>
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Myanmar</span></b></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">BY VICTORIA BRUCE</span></div>
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<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">M-ZINE+</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">October 11, 2012 </span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-UFWnFFPMhgc/UIqRyavKoLI/AAAAAAAAAD0/0sbSl8HEtqA/s1600/Denis+O%27Brien.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="http://1.bp.blogspot.com/-UFWnFFPMhgc/UIqRyavKoLI/AAAAAAAAAD0/0sbSl8HEtqA/s400/Denis+O%27Brien.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Digicel founder Denis O’Brien makes a point of integrating<br />with the culture in the countries his company operates.</td></tr>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Digicel, the largest mobile telecommunications operator in
the Caribbean, says it’s ready to sink up to US $1 billion into developing
Myanmar’s telecommunications network.</span><span lang="EN-GB" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Irish entrepreneur and founder Denis O’Brien says Digicel
has its sights set on entering the market through a joint venture with
state-owned entity, the Myanmar Post and Telecommunications (MPT), which
currently enjoys a monopoly on the market. Digicel may be a young firm at only
11 years since its inception but it does have some clout, boasting over 13
million customers in 31 markets. </span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“We think we could work really well with them,” Mr O’Brien
told <i style="mso-bidi-font-style: normal;">M-Zine+ </i>in an exclusive
interview at the Myanmar Global Investment Forum, hosted by Euro Money in
Naypyitaw last week.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Though Caribbean-based (Kingston, Jamaica), the company is
by no means limited to those island and Central American markets. Since 2006,
it has been expanding eastward across the Pacific. Its Pacific network now extends
to Papua-new Guinea, Vanuatu, Nauru, Fiji, Samoa and Tonga. Thus a move into
Myanmar seems a logical expansion for the fledgling company.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“We are used to working in countries with different cultures
and we’ve made a point of integrating ourselves in all the countries we’ve
worked in and bringing local management up through our ranks very rapidly so we
think there’s a way of working with MPT,” Mr O’Brien said.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Part of that integration has been a policy of giving back to
those communities. For example, in its Pacific network, Digicel has work to aid
schools, help children with heart problems, and set up an AIDS hotline, all in
Papua New Guinea.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“In order to build a world-class, future proofed mobile
telecommunications infrastructure in Myanmar, which will make affordable
telecommunications accessible to the people of Myanmar, an initial investment
in the region of US$1.2 billion needs to be made,” Mr O’Brian said, adding “as
telecommunications penetration and usage increase, the investment will also increase,”
he said.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">As post-sanction Myanmar takes steps to liberalize its
telecommunications industry, many big-name firms are jostling for investment
opportunities and Digicel, which has an office in Yangon, is positioning itself
at the front of the pack.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">The group has invested around US $650,000 into developing an
online recruitment site for Myanmar and has already attracted more than 30,000
page views in the past three weeks, said Vice Chairman Leslie Buckley.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“We operate as local as we can,” Mr Buckley said,
highlighting the group’s strategy to integrate itself in host investment
countries through strong community engagement, such as its sponsorship of
Yangon’s football scene.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Sports support has been a feature of Digicel’s community
work elsewhere. In Tonga and Samoa, one of its projects is the DigiGames that,
in the company’s words is meant “</span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-size: 12.0pt;">to provide year-round
sports training and athletic competition in a variety of Olympic type sports
for children and adults with intellectual disabilities, and to give them
continuing opportunities to develop physical fitness, demonstrate courage, have
fun and participate in a sharing of gifts, skills and friendship with their
families, other Special Needs Athletes and the wider community.”</span><span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Industry insiders said the Myanmar government is closing the
deal on a new international consultancy, and is down to a shortlist of five
from some 64 applicants to oversee an upcoming tender where foreign
telecommunications firms can joint venture with local firms.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Names such as Indian network services company GTL Limited,
China’s Huawei and Thailand’s Symphony Communications are joining consultant
hopefuls from China, Japan, Australia, Germany and the United States, insiders
said.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“We have been participating for this particular tender for
the consultancy,” said GTL’s head of business development, Sanjay Hirpara.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“There are definitely good opportunities here for investment
and for business,” Mr Hipara said.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Somchai Treerattanukukool, Symphony’s senior vice president
of marketing said the group had put forward a proposal to be the consultant and
were hopeful they’d be selected.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Last month U Tin Win, the chief executive officer (CEO) of
Yatanarpon Teleport (YPT) told <i style="mso-bidi-font-style: normal;">The Myamar
Times</i> that two operating licenses could be given to the mobile and fixed
line arms of government entity Myanmar Posts and Telecommunications (MPT) and
one awarded to YPT. </span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">But new developments announced at a telecommunications and
ICT investment forum, hosted by MPT in Naypyitaw last Friday indicate that there
could be a few different ways for international companies to enter Myanmar’s
untapped telecommunications sector.</span><span lang="EN-GB" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;"></span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Two licenses will be doled out to MPT and YPT and foreign
firms can bid to joint venture with them in an upcoming international tender,
to be overseen by the government’s new consultant, said U Than Tun Aung, deputy
director of the Posts and Telecommunications Department.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Up to two more licenses could be awarded to foreign firms
which can then choose to start up a new, green field firm with a local partner,
or come in with 100 per cent capital, U Than Tun Aung told a roomful of
industry players, including heavyweight Russian venture VimpelCom, the sixth
largest <a href="http://en.wikipedia.org/wiki/Mobile_network_operator" target="_blank"><span style="color: windowtext; text-decoration: none; text-underline: none;">mobile network operator</span></a> in the world in terms of subscribers,
Norwegian firm Telenor, which is one of VimpelCom’s major shareholders and
Vietnam’s VNPT-Fujitsu.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">However the option for 100 per cent foreign-ownership would
depend on the terms of the Foreign Direct Investment (FDI) amendment bill,
which has been passed by both houses of parliament and is currently being
reviewed by the President, U Than Tun Aung said.</span></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">As part of the government’s “road map” to telecommunications
sector reforms, a 700-staff strong regulator would also be formed to oversee
the regulation of telecommunications services, such as network sharing and
equipment standards, U Than Tun Aung said.</span></div>
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<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">While Myanmar’s untapped telecommunications sector and local
market of some 60 million people make it an attractive opportunity for foreign
investors, not all are starry-eyed over their options.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“Is this just an exercise to gleam as much technology from
international companies by saying ‘we will partner with you,’” mulled one
foreign investor and supplier of international handsets backstage at the forum
who requested not to be identified.</span><span lang="EN-GB" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;"></span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“The local firms will want a 50-50 joint venture arrangement
or to be the majority shareholder but they won’t match you buck for buck –
they’ll match you by allowing you to partner with them and access that
operating concession,” he said.</span><span lang="EN-GB" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;"></span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Human rights groups including US-based Conflict Risk Network,
have highlighted concerns that investment in the telecommunications sector
could fuel repressive tactics of internet control and surveillance. </span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“The ICT sector is also high risk, as its potential positive
and negative roles are heightened in conflict-affected areas,” said Kathy
Mulvey, Conflict Risk Network Director.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Ms Mulvey said ICT products and services, when used in the
right way, could support free expression and association but can also be
manipulated by governments to repress freedom of speech and access to
information. </span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">During a crackdown on protests in 2007, Myanmar became one
of the first countries to temporarily shut down its Internet, the group said.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">But if managed well, the development of Myanmar’s
telecommunications industry will be key to the country’s economic growth, said
Jared Bissinger, a PhD student at Australia’s Macquarie University who is studying
Myanmar’s economy.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“As in many other developing countries, investment in
Myanmar's telecommunications industry can decrease the costs of doing business,
improve access to information, and facilitate inexpensive and convenient
transactions, all of which will help improve the business environment."
Mr Bissinger said.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Mr O’Brien said telecoms was the umbilical of any economy.
Countries that lag in adopting new technologies or upgrading the ones they have
– whether<span style="mso-spacerun: yes;"> </span>from bureaucratic infighting,
overbearing regulatory frameworks, lack of funding, or fear of how the
technology can be used if not controlled – often rue the results and have to
redouble efforts to try to catch up.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“Everyone is talking about a hyper-growth economy here but
they’re forgetting one thing, that without a telecommunications infrastructure,
that just won’t happen,” Mr O’Brien said.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Because its developing its industry so late in the game,
Myanmar has the advantage of learning from the lessons of other countries, and
can now cherry pick the most advanced technology available on the market and go
straight to 4G services, Mr O’Brien said.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“All neighboring countries have 2G or 3G but what Myanmar
can do now is just go all the way to LTE and bring broadband to every part of
the country to 60 million people and bring them voice and other data services,”
he said.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“It could be a quantum leap – Myanmar could jump 50 years
all in one move,” Mr O’Brien said.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Johan Adler, country manager for Swedish telecommunications
heavyweight Ericsson, which opened their Yangon office in June, is bullish
about future opportunities to provide technology and services to the new
telecoms operators.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://1.bp.blogspot.com/-mTL0WhZAQJI/UIqSr7z13QI/AAAAAAAAAD8/tksj1N4wZg0/s1600/Johan+Adler_Ericsson.JPG" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="320" src="http://1.bp.blogspot.com/-mTL0WhZAQJI/UIqSr7z13QI/AAAAAAAAAD8/tksj1N4wZg0/s320/Johan+Adler_Ericsson.JPG" width="220" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Johan Adler, country manager for Ericsson Myanmar.</td></tr>
</tbody></table>
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<br /></div>
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<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“We believe our experience of rapid
large scale deployment of mobile networks combined with our services strength
would be a strong motivation for any operator to select Ericsson as a
technology partner,” said Johan Adler, Ericsson’s country manager for Myanmar,
which operates in over 180 countries and is one of the world’s biggest
providers of <a href="http://en.wikipedia.org/wiki/Telecommunications_equipment" target="_blank"><span style="color: windowtext; text-decoration: none; text-underline: none;">telecommunications equipment</span></a> and data communication systems
and specialising in mobile networks.</span></div>
<div class="MsoNormal" style="margin-right: 25.5pt;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">Mr Adler said LTE, the fourth generation of mobile
technology, offered around three times faster data speed than the latest
version of WCDMA/3G.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">“In a Myanmar context, with relatively slow data access
connections, LTE can be a substitute to the fixed data line and offer superior
bandwidth to residential users and small offices. It's fast to deploy and
faster than any other service available today,” Mr Adler said.</span></div>
<div class="MsoNormal" style="margin-bottom: .1pt; margin-left: 0cm; margin-right: 0cm; margin-top: .1pt; mso-para-margin-bottom: .01gd; mso-para-margin-left: 0cm; mso-para-margin-right: 0cm; mso-para-margin-top: .01gd;">
<br /></div>
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<span lang="EN-US" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;">ENDS</span><span lang="EN-GB" style="font-family: "Georgia","serif"; font-size: 11.0pt; mso-ansi-language: EN-GB; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt;"></span></div>
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BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com1tag:blogger.com,1999:blog-1153224311161809592.post-50819681255270377742012-09-27T08:51:00.002-07:002012-09-27T08:51:43.152-07:00Myanmar’s offshore petroleum opportunities a “new era” for the industry<!--[if gte mso 9]><xml>
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<br />
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<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Drilling Deep</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Myanmar’s
offshore petroleum opportunities a “new era” for the industry</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br />
By Victoria Bruce</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br />
Myanmar’s lucrative upstream oil and gas industry represents a “new era” for
incoming firms as its government gears up to release offshore and deep water
blocks as part of an upcoming international tender.<br />
Vice President of Dutch multinational Shell’s exploration arm, Marc Gerrits
said Myanmar’s unexplored deep water fields held untapped potential for
companies wielding the latest exploration technology.<br />
“The truth be told, we could be on the cusp of a new ultra deep water era,” Gerrits
told a conference of industry representatives at the 2nd Myanmar Oil, Gas and Power
Summit in Yangon held in early September.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-HL4BBAmeOc4/UGR1fu_kfdI/AAAAAAAAADk/qklghkTl6VM/s1600/SHELL.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="300" src="http://4.bp.blogspot.com/-HL4BBAmeOc4/UGR1fu_kfdI/AAAAAAAAADk/qklghkTl6VM/s400/SHELL.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">A Shell offshore platform </td></tr>
</tbody></table>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Breaking new
records?</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br />
“The industry could be breaking new records right here in Myanmar,” he said. Gerrits
said Shell, a leader in deep water exploration and production, currently
operates the Gumusut deep water development project in Malaysia in water depth
of up to 1,200 metres alongside ConocoPhillips Sabah, Petronas Carigali and
Murphy Sabah Oil.<br />
Myanmar Union Minister Than Htay told a crowd of more than 300 conference attendees
that a barrage of big name energy firms were looking at opportunities in the
country’s upstream industry.<br />
“Many multinational petroleum companies including Shell, BP, BG ConocoPhillips,
Chevron and many others have shown great enthusiasm to invest and keen interest
to conduct upstream petroleum exploration in Myanmar’s petroleum sector,” Than
Htay said.<br />
Representatives from Dutch-British multinational Shell are in negotiations with
the Myanmar government for at least one offshore block, said an industry
insider, although the company declined to confirm these reports.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Total takes
stake</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br />
France's Total, which operates the Yadana gas field, announced plans on
September 3 to join forces with Thai operator PTT EP [PTT Exploration and
Production] and take on a 40 percent stake in the M11 offshore block, subject
to Myanmar government approval.<br />
Despite many international energy giants knocking on its door, the Myanmar
government is yet to release dates for the much-anticipated international
tender, although industry insiders said it could be announced later in
September.<br />
“The blocks for this bidding round are under consideration and assessment and
hope to be finalized in due course,” Than Htay said.<br />
Myanmar has around 29 lucrative offshore blocks and 34 onshore blocks, around
30 (15 of each) of which are expected to be offered in the next bidding round,
and the country’s untapped offshore and deep water oil and gas reserves are
tipped as being certain to lure in big name Western energy firms.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Concerns over
data</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br />
However the lack of current geological data on Myanmar’s unexplored energy
reserves means foreign exploration firms interested in the next international
tender will need to hedge their bets and have a strong appetite for risk.<br />
The Myanmar government is keeping existing data close to its chest ahead of the
upcoming bidding round and Than Min, chief geologist with the government entity
the Myanmar Oil and Gas Enterprise (MOGE), said government policy determined
how much data should be shown to the bidders.<br />
“I hope we can show more data than last time,” he said in response to questions
from conference attendees, referring to the 2011 bidding round where nine
onshore blocks were awarded to seven international companies.<br />
“When you are awarded, we will transfer all the data we have,” Than Lwin said. </span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Edwin
Vanderbruggen, partner of specialized tax and accounting firm VDB Loi said Western
energy companies were ramping up their interest in post-sanction Myanmar. “Western
companies are looking at the opportunities with interest, gathering information
and doing feasibility studies,” Vanderbruggen said.<br />
“For many of them, this is the first time they’ve actually studied a Myanmar
deal, so there is a learning curve,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Post-sanctions
rush</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br />
Previously, strict Western sanctions imposed on the former military government
meant Myanmar was off the map for many European and American firms.<br />
Since the country’s transition following elections in November 2010, embarking
on a series of political and economic reforms, the international community has
responded by easing sanctions and ramping up aid commitments, and energy giants
are eying opportunities in what has been dubbed as Southeast Asia’s final
frontier market.<br />
“Whether this interest will translate into actual deals by the biggest players
does not only depend on Myanmar itself, but also on the opportunities and
returns the investors have elsewhere,” Vanderbruggen said.<br />
The Myanmar government is offering fiscal incentives to encourage deep water
exploration, such as more favourable terms for its deep water blocks, said
Nopporn Wongsatitporn, associate director of gas and power at leading strategic
and financial advisory services firm AWR Lloyd.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Risks to be
weighed</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br />
However a myriad of legal, political and financial risks still exist in
post-sanction Myanmar, and incoming U.S. firms will need to adhere to stringent
reporting requirements and compliance issues imposed by their home government
so as not to fall foul of American sanctions.<br />
“Many multinational executives say they want regulatory clarity in a market
dominated for decades by tycoons with ties to well-connected generals – a
tightly knit circle of cronies who face competitive threats as the government
seeks to free up the economy and introduce<br />
greater transparency,” he said.<br />
Nopporn said a major challenge faced by Western oil companies investing in
Myanmar lay in identifying an experienced local partner free of ties to
officials blacklisted in the U.S.<br />
“Around 60 Myanmar firms, such as MPRL E&P and Parami Energy, are authorized
to bid for oil blocks with foreign partners but few have much experience in
energy exploration,” he said.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">Local partner
a must</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br />
All foreign firms investing in the oil and gas sector are required to take on a
local partner and enter into a production sharing contract and partnership with
the government entity MOGE which oversees licensing and holds a majority stake
in all onshore and offshore blocks.<br />
Nopporn recommended foreign firms do their homework and engage in thorough due
diligence to minimize any reputational or legal risk.<br />
Major players that attended the 2nd Myanmar Oil, Gas and Power Summit, organized
by Singaporean events company CMT, included Shell, Unocal, ConocoPhillips, BG
Group and Chevron.<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";"><br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Arial","sans-serif";">This article was first published in business journal M-ZINE+ on 24 September 2012<br style="mso-special-character: line-break;" />
</span></div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-9649620119354173682012-09-17T21:51:00.000-07:002012-09-17T21:51:46.645-07:00Telecoms giants jostle ahead of licence tender<div class="item-page">
<h2 class="contentheading">
Telecoms giants jostle ahead of licence tender </h2>
<dl class="article-info">
<dt class="article-info-term"><br /></dt>
<dd class="create"> By Victoria Bruce | Monday, 17 September 2012 </dd><dd class="create">The Myanmar Times </dd></dl>
<div class="addthis_toolbox">
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<a class="atc_s addthis_button_compact" href="http://www.blogger.com/blogger.g?blogID=1153224311161809592"><span></span></a> </div>
</div>
<span class="easy_img_caption" style="background-color: #e5e7e9; display: inline-block; line-height: 0.5; margin: 0px 0px; text-align: left; vertical-align: top; width: 500px;"><img alt="Digicel founder Denis O’Brien (left) at the Myanmar Global Investment Forum in Nay Pyi Taw on September 12. Booethee / The Myanmar Times" border="0" src="http://www.mmtimes.com/images/mte/2012/644/telecoms_denis_obrien_digicel.jpg" style="margin: 0;" /><span class="easy_img_caption_inner" style="color: black; display: inline-block; font-size: 8pt; font-style: normal; font-weight: normal; line-height: normal; margin: 0px; padding: 4px 8px;">Digicel
founder Denis O’Brien (left) at the Myanmar Global Investment Forum in
Nay Pyi Taw on September 12. Booethee / The Myanmar Times</span></span><br />
The
government is close to selecting an international consultant to oversee
an upcoming tender for telecommunications licences, having shortlisted
five companies from a pool of 64 applicants, sources said last week.<br />
Indian
network services company GTL Limited, China’s Huawei and Thailand’s
Symphony Communications are in the running alongside consultants from
Japan, Australia, Germany and the United States.<br />
“We have been
participating for this particular tender for the consultancy,” GTL’s
head of business development, Sanjay Hirpara, said last week.<br />
“There are definitely good opportunities here for investment and for business,” he said.<br />
But
the major prize for foreign firms is the four telecommunications
licences that the consultant will eventually recommend the government
award. Russian heavyweight VimpelCom, the sixth largest mobile network
operator in the world in terms of subscribers, Norwegian firm Telenor,
one of VimpelCom’s major shareholders, Vietnam’s VNPT-Fujitsu and
Digicel, the largest mobile operator in the Caribbean, are among the
companies seeking a piece of Myanmar’s untapped telecoms market.<br />
U
Tin Win, the chief executive officer of Yatanarpon Teleport, told The
Myamar Times in a recent interview that two operating licences could be
given to state-owned Myanmar Posts and Telecommunications (MPT), while
another would go to his company.<br />
But MPT indicated at a
telecommunications and ICT investment forum in Nay Pyi Taw on September
14 that there could be several avenues for international companies to
enter the telecommunications sector.<br />
Foreign companies can bid to
establish a joint venture with MPT or Yatanarpon in an upcoming tender,
which will be overseen by the consultant firm, said U Than Tun Aung,
deputy director of the ministry’s Posts and Telecommunications
Department.<br />
But up to two more licenses could be awarded to other
foreign firms, which can then choose to start a new firm with a local
partner or go it alone, U Than Tun Aung told a roomful of industry
players.<br />
The option for 100-percent foreign ownership would
depend on planned amendments to the foreign investment law, which have
been passed by both houses of parliament and are being reviewed by the
President’s Office, U Than Tun Aung said.<br />
As part of the
government’s “roadmap” to telecommunications sector reforms, a
regulatory body with about 700 staff will also be formed to oversee
aspects of telecommunications services, such as network sharing and
equipment standards, he said.<br />
Irish entrepreneur and Digicel
founder Denis O’Brien told The Myanmar Times his company had set its
sights on a joint venture with MPT and was prepared to invest up to US$1
billion into developing the telecommunications network.<br />
“We
think we could work really well with them,” Mr O’Brien said in an
exclusive interview at the Myanmar Global Investment Forum in Nay Pyi
Taw last week.<br />
“In order to build a world-class, future proofed
mobile telecommunications infrastructure in Myanmar, which will make
affordable telecommunications accessible to the people of Myanmar, an
initial investment in the region of $1.2 billion needs to be made,” Mr
O’Brien said, adding “as telecommunications penetration and usage
increase, the investment will also increase”.<br />
Digicel holds
operating licenses in 31 countries and has over 13 million subscribers
throughout the Caribbean, Central and South America region, and the Asia
Pacific region.<br />
The group has already made one investment in
Myanmar – an online recruitment site that has attracted more than 30,000
page views in the past three weeks, said vice chairman Leslie Buckley.<br />
“We
operate as local as we can,” Mr Buckley said, highlighting the group’s
strategy to integrate itself in host investment countries through strong
community engagement, such as its football sponsorship deals in
Myanmar.<br />
While the country’s low mobile phone penetration rates
and population of about 60 million make Myanmar an attractive prospect
for foreign telecoms firms, not all are starry eyed over their options.<br />
“Is
this just an exercise to glean as much technology from international
companies by saying ‘we will partner with you,’?” questioned one
potential foreign investor, a supplier of international handsets, at the
September 12-13 forum in Nay Pyi Taw.<br />
“The local firms will want
a 50-50 joint venture arrangement or to be the majority shareholder but
they won’t match you buck for buck – they’ll match you by allowing you
to partner with them and access that operating concession,” he said,
asking not to be named.<br />
Mr O’Brien said a functioning and accessible telecommunications network was essential for economic growth.<br />
“Everyone
is talking about a hyper-growth economy here but they’re forgetting one
thing: that without a telecommunications infrastructure, that just
won’t happen,” Mr O’Brien said.<br />
Because it is developing its
telecoms industry relatively late, Myanmar has the advantage of learning
from the lessons of other countries and pick the most advanced
technology available to go straight to 4G, or fourth generation,
services, Mr O’Brien said.<br />
“All neighboring countries have 2G or
3G but what Myanmar can do now is just go all the way to [long-term
evolution (LTE)] and bring broadband to every part of the country to 60
million people and bring them voice and other data services,” he said.<br />
“It could be a quantum leap – Myanmar could jump 50 years all in one move.”<br />
Johan
Adler, country manager for Swedish telecommunications heavyweight
Ericsson, said the fourth-generation LTE technology offered about three
times faster data speed than the latest version of WCDMA/3G.<br />
“In a
Myanmar context, with relatively slow data access connections, LTE can
be a substitute to the fixed data line and offer superior bandwidth to
residential users and small offices. It’s fast to deploy and faster than
any other service available today,” Mr Adler said.<br />
However, some
non-government groups, including US-based Conflict Risk Network, have
raised concerns that investment in the telecommunications sector could
fuel repressive tactics of internet control and surveillance, which were
common during the previous military government.<br />
“The ICT sector
is also high risk, as its potential positive and negative roles are
heightened in conflict-affected areas,” said Kathy Mulvey, Conflict Risk
Network director.<br />
But if managed well, the development of
Myanmar’s telecommunications industry will be an important driver of
economic growth, said Jared Bissinger, a PhD student at Australia’s
Macquarie University who is studying Myanmar’s economy.<br />
“As in
many other developing countries, investment in Myanmar’s
telecommunications industry can decrease the costs of doing business,
improve access to information, and facilitate inexpensive and convenient
transactions, all of which will help improve the business environment.”
Mr Bissinger said.<br />
<br />
This article first appeared in the Myanmar Times print and online editions on 16 September, 2012:<br />
<a href="http://www.mmtimes.com/index.php/home-national-news/136-national-news/1438-telecoms-giants-jostle-ahead-of-licence-tender.html">http://www.mmtimes.com/index.php/home-national-news/136-national-news/1438-telecoms-giants-jostle-ahead-of-licence-tender.html</a><br />
</div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-51419206612263771412012-09-10T10:25:00.000-07:002012-09-10T10:25:13.293-07:00Easing of Sanctions offers mixed encouragement for investors<div class="separator" style="clear: both; text-align: center;">
<a href="http://4.bp.blogspot.com/-MtY_Sxf6BfQ/UE4iIkmEdlI/AAAAAAAAADU/mO9dxvfotVE/s1600/Myanmar+Times+-+Invest+Myanmar+-+September+2012+-+Sanctions2.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="452" src="http://4.bp.blogspot.com/-MtY_Sxf6BfQ/UE4iIkmEdlI/AAAAAAAAADU/mO9dxvfotVE/s640/Myanmar+Times+-+Invest+Myanmar+-+September+2012+-+Sanctions2.jpg" width="640" /></a></div>
<br />BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-65238505472480607312012-09-07T20:31:00.000-07:002012-09-07T20:31:08.487-07:00Not So Fast: Local business worries over new Foreign Investment Law<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Georgia","serif"; line-height: 115%; mso-bidi-font-size: 11.0pt;"> MZINE+ </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Georgia","serif"; line-height: 115%; mso-bidi-font-size: 11.0pt;">Not
So Fast</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Georgia","serif"; line-height: 115%; mso-bidi-font-size: 11.0pt;">Local
business worries over new Foreign Investment Law</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Georgia","serif"; line-height: 115%; mso-bidi-font-size: 11.0pt;">By
Victoria Bruce</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<a href="http://4.bp.blogspot.com/-qQVtP9TJBuY/UEqzDc0haiI/AAAAAAAAADE/vu6McAXM9YY/s1600/Mzine+Issue+36,+Vol.+1+cover+page.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="640" src="http://4.bp.blogspot.com/-qQVtP9TJBuY/UEqzDc0haiI/AAAAAAAAADE/vu6McAXM9YY/s640/Mzine+Issue+36,+Vol.+1+cover+page.jpg" width="452" /></a></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Georgia","serif"; line-height: 115%; mso-bidi-font-size: 11.0pt;"></span><span lang="EN-US" style="font-family: "Georgia","serif"; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Proposed changes to Myanmar’s much-anticipated foreign
direct investment (FDI) law restricting foreign investment in certain areas could
protect local business at the expense of inhibiting long-term socioeconomic
growth.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">This is the cautious response of experts who are
following the debate inside and outside parliament over a law that will help
lay out the playing field for foreign investors keen to enter Myanmar as the
country opens up.</span></div>
<div class="MsoNormal" style="line-height: normal; margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Experts say the country’s new FDI law could be more
restrictive than its 1989 predecessor, and warned the country, currently poised
at the crossroads of opening up its crippled economy, could take a wrong turn towards
“retrograde” and “protectionist” economic policy.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“It is so important that, at this critical juncture,
Myanmar does not lock its economy up in the clutches of old vested interests,”
said Dr Sean Turnell, an Australian economist and Myanmar expert. </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">The under-developed Southeast Asian nation has been
going through a series of economic and political reforms aimed at attracting
foreign investment. However, these latest updates to its foreign investment law
may do little to encourage the confidence of foreign investors, experts told
M-ZINE+.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Dr Turnell said the move to restrict foreign trade and
investment could discourage foreign investors and prove detrimental for the country’s
growth.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“This is an example of the 'creeping protectionism'
many of us have feared,” he said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">The new draft will restrict 100 per cent foreign
ownership in certain sectors and bans investment in “small and medium
industries and enterprises; agricultural and livestock business being carried
on by local business people; retail business and small to medium service enterprises,”
according to Reuters news agency.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Under the old law, foreign firms could set up shop
with 100 per cent capital in all sectors but if the proposed changes are
enacted then their operations will be restricted to joint venture partnerships
with local firms or the Myanmar government.<br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">An uneven playing field</span></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><br />
Previously, local businesses have spoken out against certain sections of the
government’s proposed foreign direct investment law, said Dr Maung Maung Lay,
the vice president of the Union of Myanmar Federation Chambers of Commerce and
Industry (UMFCCI).</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">The proposal to extend tax holidays for foreign firms
from three to five years has been met with resistance from Myanmar’s private
sector, he said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“This part of the new FDI law is certainly creating
the biggest bones of contention so far and domestic business doesn’t like it,”
said Jared Bissinger, a PhD candidate at Macquarie University studying Myanmar’s
economy. “You want to create a level playing field for all business so there’s no
need to prejudice one over the other.”</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Worries over tax breaks</span></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Local businessmen appear concerned that they may lose
out.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“If they give the incentives to the foreigners, say a
five-year tax break, then we should also be granted five years, that would be
fair,” said Ohn Lwin, managing director of Toyo Battery, a local battery manufacturer.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Dr Maung Maung Lay said extended tax holidays for
foreign investors would put local enterprises at a competitive disadvantage,
adding many firms fear they will be overwhelmed by incoming competition.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“The private sector feels that currently the playing
field is not level and the government is too generous to the foreigners,” said
Dr Maung Maung Lay, adding local firms lack the capital and technology to compete
effectively.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“In that sense, our mom and pop shops will all suffer
and become overwhelmed by these potential investors,” he said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><br />
<b>Trade protection worries</b></span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">However, a fine line exists between protecting local
firms and inhibiting competition, Bissinger said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“Trade protection often hurts the economy of the
country that imposes it, and that’s one of the oldest but still most startling
insights economics has to offer,” he said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“If you keep restricting competition, what incentives
will there be for these local companies to ever become strong enough to compete
against foreign investors?” Bissinger said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">He said competition in retail industries such as food
and beverage industries not only expands a consumer’s choice, thus increasing
their welfare, but also helps bring down pricing and improves quality of products.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“Prohibiting competition and choice in the long run is
not the answer, and won’t help companies from Myanmar learn, grow, and compete domestically
or internationally,” Bissinger said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">He said the role of government should be to protect
local companies by ensuring an appropriate degree of regulation regarding
competition and suggested a compromise solution might entail allowing some
protection in certain areas for a specified length of time, which would allow local
firms to catch up.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“The best medicine to kick-start the country’s economy
is to adopt economic policies that create a fair, predictable and stable environment
from which everyone enjoys some benefits,” Bissinger said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Protection fails</span></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><br />
The failure of attempts to bolster domestic economies and protect local
business and jobs from foreign competition with protectionist economic policies
that restrict the scope of foreign firms and international trade has been
documented at length by economists.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“Some types of protection can be used in positive
ways, but governments must always be careful with such measures,” Dr Turnell said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“They scream vested interest against that of the
greater good and the histories of many countries are littered with failed
protectionist policies,” he said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Legal experts have pointed to the need for Myanmar to
place itself up there with neighbouring countries as an attractive alternative
for foreign investors.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“It is important, this being a very important law, that
it should be right and also investor friendly compared to similar laws in the region,”
said Min Sein, a Supreme Court lawyer.<br />
“Furthermore, the law should not deprive or eclipse the opportunities of local
businessmen,” he added. </span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Local stakeholders have played a role in influencing
the government’s policy changes and many fear they are ill-prepared and
under-financed to compete against an influx of foreign firms.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Dr Maung Maung Lay said the government was fine tuning
certain aspects of the new law to “alleviate the concerns of the locals and get
input from all the stakeholders.”</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<b><span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">Need for clarity and stability</span></b></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";"><br />
Dr Turnell said while a new investment law will help encourage investment, the
most important attributes sought by investors are stability, sound
institutions, policy and rule of law and Myanmar could learn from the
experience of other ASEAN countries such as Thailand and Vietnam.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“But Myanmar must be careful not to be engaged in a
race to the bottom with such countries to attract investors,” Dr Turnell said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">“The most important thing is that the law progresses
in a way that creates confidence in the process in which it is made, and that
the law itself be sound and reasonable,” Dr Turnell said. “It does not have to
be, and should not be, excessively generous to international investors,
especially in areas (such as resource and energy extraction) where they will
come anyway,” he said.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-US" style="font-family: "Georgia","serif"; line-height: 115%; mso-ansi-language: EN-US; mso-bidi-font-family: "Angsana New"; mso-bidi-font-size: 11.0pt; mso-fareast-font-family: "Times New Roman";">The latest draft of the FDI law is tipped to extend
land lease terms with public or private sector to a period of 50 years
extendable for two 10-year terms, depending on the nature of the business and
the size of the investment, compared to an earlier draft stating 30 years with
two 15-year extensions.<br style="mso-special-character: line-break;" />
<br style="mso-special-character: line-break;" />
</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<span lang="EN-GB" style="font-family: "Georgia","serif"; line-height: 115%; mso-bidi-font-size: 11.0pt;">This article first appeared in issue 36 of weekly business magazine MZINE+ on 4 September 2012.</span></div>
<div class="MsoNormal" style="margin-bottom: .0001pt; margin-bottom: 0cm;">
<br /></div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-25319890122264267542012-09-04T01:11:00.003-07:002012-09-06T09:03:56.290-07:00Energy giants gauge Burma's potential ahead of tender<div style="width: 500px;">
<h1 class="postheadline">
Energy giants gauge Burma’s potential ahead of tender</h1>
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<a href="http://www.dvb.no/news/energy-giants-gauge-burma%E2%80%99s-potential-ahead-of-tender/23587#comments" style="color: #777777; font-size: 11px; text-decoration: none;"></a><span class="tickercontainer"><br /></span></div>
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By KATE KELLY<br />
<small>Published: 4 September 2012</small></div>
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<small>The Democratic Voice of Burma </small></div>
<img align="right" alt="big-oil" class="attachment-495x495 wp-post-image" height="427" src="http://www.dvb.no/wp-content/uploads/2012/09/big-oil-495x427.jpg" style="border: 0px solid #000000; padding: 0px; width: 495px;" title="" width="495" /> <br />
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A labourer makes a list at a warehouse selling oil beside in Rangoon on 18 May 2009. (Reuters)</div>
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As international energy giants flock to Rangoon for the
2nd Myanmar Oil, Gas and Power road show this week, western and Asian
operators are scoping out investment opportunities in Southeast Asia’s
final frontier market.<br />
After western governments eased sanctions targeting the
country, Burma’s oil and gas industry has seen increased attention from
American and European multinationals that are eager to secure a piece of
the action.<br />
“Many multinational petroleum companies including Shell, BP, BG
ConocoPhillips, Chevron and many others have shown great enthusiasm to
invest and keen interest to conduct upstream petroleum exploration in
Myanmar [Burma]’s petroleum sector,” union minister Than Htay told a
crowd of more than 300 attendants at the MOGP conference today.<br />
Despite these international energy giants knocking on its door,
the Burmese government has yet to release dates for the
much-anticipated international tender, although industry insiders said
it could be announced later this month.<br />
“The blocks for this bidding round are under consideration and
assessment and hope to be finalised in due course,” said Than Htay.<br />
The Ministry of Energy said 29 lucrative offshore blocks will
be offered alongside 34 onshore blocks in the next bidding round, and
Burma’s untapped offshore and deep water oil and gas reserves are tipped
as being certain to lure in big name western energy firms.<br />
“US firms are interested in offshore, not onshore,” said Ken
Tun, CEO and president of local firm Parami Energy, which has a 22
percent stake in an onshore block alongside Indian operator Jubilant.<br />
“These guys want to play big and the big games are all offshore,” he said.<br />
Edwin Vanderbruggen, a partner in specialised advisory firm
VDB Loi, said western energy companies were ramping up their interest in
post-sanction Burma.<br />
“They’re looking at the opportunities with interest, gathering
information and doing feasibility studies,” said Vanderbruggen. “For
many of them, this is the first time they’ve actually studied a Myanmar
deal, so there is a learning curve.<br />
“Whether this interest will translate into actual deals by the
biggest players does not only depend on Myanmar itself, but also on the
opportunities and returns the investors have elsewhere,” said<br />
Vanderbruggen.<br />
Representatives from Dutch-British multinational Shell are in
negotiations with the Burmese government for at least one offshore
block, said an industry insider, although the company declined to
confirm these reports.<br />
Chevron, Exxon Mobil and Conoco Phillips were part of a
delegation of about 40 US firms that visited Burma in July and are
tipped to be the next big players in the country’s oil and gas scene,
said Nopporn Wongsatitporn, associate director of gas and power at
leading strategic and financial advisory services firm AWR Lloyd.<br />
However, Wongsatitporn said stringent reporting requirements
and compliance issues imposed by their home government mean incoming US
firms would need to watch their step so not to fall foul of American
sanctions.<br />
“As an energy expert, the major challenge faced by western oil
companies investing in Myanmar is identifying an experienced local
partner free of ties to officials blacklisted in the US,” he said.<br />
All foreign firms investing in the oil and gas sector are
required to take on a local partner and enter into a production sharing
contract and partnership with the government entity MOGE which oversees
licencing and holds a majority stake in all onshore and offshore blocks.<br />
But while western energy companies are expected to make their
presence felt, they won’t be tipping the balance against eastern firms
just yet, said Jared Bissinger, a PhD student from Australia’s Macquarie
University who is studying Burma’s economy.<br />
“Myanmar’s oil and gas sector has many more firms from Asia
than the west, and it will stay that way for quite a while,” said
Bissinger.<br />
“Part of the reason for this is simply geography – Myanmar’s
location, comparatively far from the west makes it more economical to
export oil and gas to Asian countries. Remaining sanctions, like the
import ban, play a role too, as does the SDN [Specially Designated
Nationals] list,” said Bissinger.<br />
Asian players including Korea’s Daewoo, Thailand’s PTT EP,
Malaysia’s Petronas and Chinese firms SINOPEC and CNOOC currently
dominate the resource-rich country’s oil and gas scene.<br />
French multinational Total is leading the push to boost western
presence in Burma’s lucrative oil and gas industry after announcing
plans on Monday to team up with Thai operator PTT’s Exploration and
Production arm (PTT EP) to explore an offshore field.<br />
Japanese firm JX Nippon Oil and Gas Exploration Corp will hold a
15 per cent stake in PTT EP’s Block M11 and Total E&P Myanmar will
take 40 percent, while the Thai energy giant will remain the operator at
45 percent.<br />
Currently, the token western presence is made up by Total,
which has been in Burma since 1992, pre-dating international sanctions
and operates the Yadana gas field as part of a consortium made up from
America’s Chevron, PTT EP and the Myanmar Oil and Gas Enterprise (MOGE).<br />
<i>-Kate Kelly is a pseudonym for a journalist working inside Burma.</i><br />
<br />
<i>This article first appeared on the Democratic Voice of Burma website on 4 September 2012:<a href="http://www.dvb.no/news/energy-giants-gauge-burma%E2%80%99s-potential-ahead-of-tender/23587"> http://www.dvb.no/news/energy-giants-gauge-burma%E2%80%99s-potential-ahead-of-tender/23587</a> </i></div>
<b>Tags:</b> <a href="http://www.dvb.no/tag/energy" rel="tag">energy</a>, <a href="http://www.dvb.no/tag/environment-news" rel="tag">Environment</a>, <a href="http://www.dvb.no/tag/investment" rel="tag">investment</a>, <a href="http://www.dvb.no/tag/sanctions" rel="tag">sanctions</a><br />
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Author: <a href="http://www.dvb.no/author/kate-kelly" rel="author" title="Posts by KATE KELLY">KATE KELLY</a> Category: <a href="http://www.dvb.no/category/news/economics-news" rel="category tag" title="View all posts in Economics">Economics</a>, <a href="http://www.dvb.no/category/news" rel="category tag" title="View all posts in News">News</a> </div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-66419546631572273482012-08-22T02:50:00.000-07:002012-08-22T02:50:04.931-07:00Experts warn of further concentration of wealth<div style="width: 500px;">
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Experts warn of further concentration of wealth <a class="addthis_button_compact at300m" href="http://www.addthis.com/bookmark.php?v=250&username=xa-4bc860ea15481221"><span class="at16nc at300bs at15nc at15t_compact at16t_compact"><span class="at_a11y"></span></span></a></h1>
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By KATE KELLY<br /><small>Published: 22 August 2012</small></div>
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<small>Democratic Voice of Burma </small></div>
<img align="right" alt="Asian Development Bank President Haruhiko Kuroda is projected on the screen as he gives his speech during the opening ceremony of the four-day Asian Development Bank (ADB) 45th Annual Board of Governors meeting in Manila" class="attachment-495x495 wp-post-image" height="345" src="http://www.dvb.no/wp-content/uploads/2012/08/ADB-shot-495x345.jpg" style="border: 0px solid #000000; padding: 0px; width: 495px;" title="" width="495" /> <br /><div class="author">
Asian
Development Bank President Haruhiko Kuroda is projected on a screen as
he gives his speech during the opening ceremony of the four-day Asian
Development Bank (ADB) 45th Annual Board of Governors meeting in Manila
on 4 May 2012. (Reuters)</div>
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If Burma’s reforms stay on track, its growth rate could be on
par with Asia’s fastest growing economies; however, some experts fear
the impoverished nation’s wealth may remain concentrated in the hands of
a few.<br />
The economy could expand at 7 to 8 per cent per year and become a
middle-income nation with per capita income tripling by 2030, according
to a recent report published by the Asia Development Bank (ADB).<br />
While it’s possible Burma could grow at these rates, economic growth
doesn’t guarantee poverty reduction, said Jared Bissinger, a PhD
candidate at Australia’s Macquarie University who is studying Burma’s
economy.<br />
“Myanmar [Burma]‘s economy has grown pretty significantly over the
last few years and per capita incomes have increased significantly, but
their distribution has been highly unequal,” said Bissinger. “Per capita
incomes simply aren’t a sufficient way of measuring whether economic
growth is translating into poverty reduction and broad-based
development.<br />
“It’s possible that Myanmar can become a middle income nation by
2030, but it’s both more important and more challenging to see a
significant expansion of the middle class by then,” he said.<br />
Greater investment in health, education and social services would
boost social cohesion and reduce poverty rates while further reforms and
development could create a more investor friendly environment for
job-creating industries such as manufacturing and services.<br />
“Capacity building in education, health and human capital development
(skills) are needed to ensure that economic development occurs
efficiently and equitably,” said Tim Harcourt, an economics professor at
University of New South Wales and former chief economist at Austrade –
the Australian Government’s trade and investment arm.<br />
Burma’s growth will depend on the country maintaining economic
stability and boosting its dishevelled infrastructure by way of ensuring
adequate transport networks, telecommunications and electricity
supplies to encourage investors.<br />
“Myanmar’s strategic location, rich natural resources and abundant
labor force leave it perfectly positioned to prosper from Asia’s dynamic
economic growth,” said Stephen Groff, ADB’s vice president for East
Asia, Southeast Asia and the Pacific, in a press release.<br />
He said the country could benefit from rising regional trade, tourism
and investment and meet the growing demand for natural resources and
energy from neighbouring boom economies such as India, Thailand and
China.<br />
However, investment that is concentrated in extractive industries
such as Burma’s oil and gas sector could boost economic growth at the
expense of development, said Bissinger.<br />
“Sadly the precedent for resource-led development is mixed, at best,” he said.<br />
“Myanmar’s growth rates could be very high with concentrated
investment in extractive industries – one need look no further than
Mongolia’s 17.3 per cent GDP growth rate last year [driven mostly by
mining] to see that,” said Bissinger.<br />
But these investments can be difficult to translate into economic
development and can have negative effects on the macro economy through
“Dutch Disease,” where a resource-driven appreciation of the currency
makes it more difficult for people in tradable sectors to compete
internationally, according to Bissinger.<br />
“Rising per capita incomes are necessary but not sufficient for Burma’s development,” said Harcourt.<br />
“Burma wants to avoid a ‘resources curse’ where rent seekers in the
extractive industries raise average incomes but worsen income
distribution,” he said.<br />
“Keeping the extractive industries open to FDI and strengthening ties
with and beyond ASEAN through open trade will be an important ingredient
in Burma’s economic development plan for prosperity,” said Harcourt.<br />
If Burma adopts good economic policies, its growth trajectory could
surpass the ADB’s prediction, says Bissinger; however, the country needs
to pursue a balanced strategy to exploit the vast untapped potential of
its human resource reserves and ensure adequate wealth distribution.<br />
“The worst case is having growth that doesn’t lead to poverty reduction – it can even make it worse,” he said.<br />
While experts agree Burma is poised at the crossroads of opening up
its economy, essential reforms, investment and development are required
before the impoverished Southeast Asian nation reaches the level of its
wealthier neighbours.<br />
<em>-Kate Kelly is a pseudonym for a journalist working inside Burma.</em><br />
<br />
This article first appeared on the Democratic Voice of Burma website on 22 August 2012:<br />
<a href="http://www.dvb.no/news/experts-warn-of-further-wealth-concentration/23417">http://www.dvb.no/news/experts-warn-of-further-wealth-concentration/23417</a><br />
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<b>Tags:</b> <a href="http://www.dvb.no/tag/asean" rel="tag">ASEAN</a>, <a href="http://www.dvb.no/tag/asian-development-bank" rel="tag">Asian Development bank</a>, <a href="http://www.dvb.no/tag/cronies" rel="tag">cronies</a>, <a href="http://www.dvb.no/tag/development" rel="tag">development</a>, <a href="http://www.dvb.no/tag/economics" rel="tag">economics</a>, <a href="http://www.dvb.no/tag/growth" rel="tag">growth</a>, <a href="http://www.dvb.no/tag/reform" rel="tag">reform</a>, <a href="http://www.dvb.no/tag/thein-sein" rel="tag">thein sein</a><br />
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Author: <a href="http://www.dvb.no/author/kate-kelly" rel="author" title="Posts by KATE KELLY">KATE KELLY</a> Category: <a href="http://www.dvb.no/category/news/economics-news" rel="category tag" title="View all posts in Economics">Economics</a>, <a href="http://www.dvb.no/category/news" rel="category tag" title="View all posts in News">News</a> </div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-70453797928375129752012-08-21T20:40:00.003-07:002012-08-21T23:50:24.208-07:00Burma's media freedom encouraging, but journos want more<div class="entry-meta">
<abbr class="published" title="2012-08-22T13:14:39+1000">Wednesday, 22 August 2012</abbr> </div>
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www.Crikey.com.au </div>
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Burma’s media freedom encouraging, but journos want more</h2>
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<tr><td class="tr-caption" style="text-align: center;">Industry experts expect an explosion of new media journals in Myanmar post censorship. Photo: Chris Maud</td></tr>
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By Victoria Bruce, a freelance reporter living in Burma</div>
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For decades Burma has been among the world’s most tightly controlled
media environments, with officials checking everything from newspapers
to song lyrics before release.<br />
Frustrated journalists frequently turned to media groups outside of
the country and wrote under pseudonyms for fear of repercussion from the
government. A little over a year ago, local journals were still banned
from running articles on democracy icon and opposition leader Aung San
Suu Kyi, who now frequently appears on the front covers of English and
Burmese language publications.<br />
Those days, it seems, are over. This week the information ministry
announced it will cease the censorship of all local
publications — including, for the first time, political and religious
journals.<br />
It’s an historic moment for the emerging democracy, but Burma still
has some way to go before embracing full freedom of the press according
to journalists and watchdogs.<br />
Sein Win, the managing director of Burmese news agency <a href="http://www.mizzima.com/">Mizzima</a>, tells <i>Crikey</i> certain topics remain largely no-go areas.<br />
<span class="dquo">“</span>If you talk about the ethnic and religious
conflict here, this is still a sensitive issue,” Win said. “I am pretty
sure you cannot talk about the military or internal affairs if you
publish here, as these are still highly sensitive for the government.”<br />
Win recently returned to Burma after almost 10 years of working with
Mizzima’s offices in New Delhi and Thailand and says he doesn’t
understand the government’s reluctance to fully release its grasp on the
media.<br />
<span class="dquo">“</span>For me, I have been writing outside the
country in freelance positions and I don’t understand why these are
sensitive matters,” he said. “As a journalist I truly believe we have to
be ethical and responsible and apart from that I don’t know why the
state is concerned about these matters.”<br />
Yet he says the organisation had not yet been provided with any
written regulations, although other Rangoon-based journals including
leading English newspaper <i><a href="http://www.mmtimes.com/">The Myanmar Times</a></i> reported
they had been issued with a 16-point document prohibiting “wording that
encourages, supports or incites individuals and organisations that are
dissident to the state”, as well as “things that will damage ties with
other countries”.<br />
Previously, journals had to send their hard copy to the censorship
board which would approve articles and photographs suitable for
publication. “Our copy would come back with red lines cutting out
certain text, or entire articles and photographs,” said one senior
editor, adding around 20% of his newspaper’s content was often axed
before publication.<br />
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<img alt="" class="alignnone size-full wp-image-311051" height="305" src="http://media.crikey.com.au/wp-content/uploads/2012/08/A-Burmese-woman-reads-a-journal-with-an-image-of-democracy-icon-Aung-San-Suu-Kyi-on-the-cover_Landscape.jpg" width="500" /></div>
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<i>A Burmese woman reads a journal with democracy icon Aung San Suu Kyi on the cover</i></div>
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Win says Mizzima, which also publish a weekly English business journal called <i>MZINE+</i> focusing
on politics, economics, social issues and personalities in Burma, have
avoided censorship issues in the past by publishing stories directly
online and producing their journals in Thailand before importing and
distributing in Burma.<br />
The group is now officially registered in Rangoon and preparing to
release a weekly Burmese journal out of their Rangoon office, which Win
says are an indication of the positive changes taking place in Burma.
“We will see more and more vibrancy within our media environment within
two or three years,” Win said, tipping the next big expansion to be in
the TV sector.<br />
Myo Lwin, a senior editor for <i>The Myanmar Times</i>, says the
changes mark an exciting time to be working as a journalist in Burma and
will lead to more confidence from the readers on stories covered by
local media.<br />
<span class="dquo">“</span>As we are waiting for the permission to
run daily, it is a very positive change,” he said, adding “we will be
playing the leading role as a professional in the industry”.<br />
Some of the main movers and shakers in Burma’s media scene include <i>Mizzima</i> and <i>The Myanmar Times</i>, which publish weekly in English and Burmese, and local language journals <i>Seven Days</i>,<i><a href="http://www.first-11.com/">Weekly Eleven</a></i>, <i>Yangon Times</i> and <i>The Voic</i>e. Popular exile media groups included the <a href="http://www.dvb.no/">Democratic Voice of Burma</a> and the <a href="http://www.irrawaddy.org/">Irrawaddy</a>, which are staffed by a mixture of Western and Burmese reporters and run out of Thailand.<br />
While the government’s move to end pre-publication censorship has
been welcomed by journalists and watchdogs, many feel that true freedom
of the press won’t be guaranteed until the censorship board is abolished
and an updated media law, with input from industry professionals, is
drafted.<br />
“Until the Burmese government undertakes thorough reform, journalists
are still at risk of censure and the free flow of information cannot be
guaranteed,” Shawn Crispin from the Committee to Protect Journalists, a
New York-based advocacy group, said in a statement.<br />
Win says the media reforms are a positive step in line with the
Burmese government’s reform process, but only time would tell how
genuine the move is.<br />
<span class="dquo">“</span>It’s very difficult to judge at this stage
whether they [the government] are genuine or not,” he said. “I believe
the government is moving towards a democratic environment but they still
have some fear and some corners of the government are hesitant to move
forwards.<br />
<span class="dquo">“</span>This change is gaining momentum and nobody will stop it.”<br />
<br />
This article was published on Australian news site Crikey on 22 August 2012: <a href="http://www.crikey.com.au/2012/08/22/burmas-media-freedom-encouraging-but-journos-want-more/">http://www.crikey.com.au/2012/08/22/burmas-media-freedom-encouraging-but-journos-want-more/</a>BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-12928533293763080902012-08-20T04:24:00.000-07:002012-08-29T23:23:04.179-07:00East and West eying off Myanmar oil wealth <div class="MsoNormal" style="margin-right: -1.4pt; mso-layout-grid-align: none; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; mso-pagination: none; text-autospace: none;">
<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 119%;">East and West eying off Myanmar oil wealth </span></b><br />
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<b style="mso-bidi-font-weight: normal;"><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 119%;">By Victoria Bruce</span></b></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 119%;">The Myanmar Times</span></div>
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<tr><td class="tr-caption" style="text-align: center;">Western energy heavyweight are eying opportunities, watching their step in post-sanction Myanmar. Photo: Internet</td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"></td><td class="tr-caption" style="text-align: center;"><br /></td></tr>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 119%;">Western oil and gas firms are tipped
to dominate Myanmar’s upcomin</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 119%;">g<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.2pt;">bi</span><span style="letter-spacing: -.25pt;">d</span><span style="letter-spacing: -.2pt;">din</span>g<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.2pt;">a</span>r<span style="letter-spacing: -.05pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">fo</span><span style="color: black; font-family: "Arial","sans-serif";">r<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">on</span><span style="mso-font-width: 116%;">- </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">sho</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.2pt;">offsho</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -1.1pt;"> </span><span style="letter-spacing: -.15pt;">p</span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">ol</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="mso-font-width: 126%;">m </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">blo</span><span style="letter-spacing: -.3pt; mso-font-width: 118%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">k</span><span style="letter-spacing: -.4pt; mso-font-width: 118%;">s</span><span style="mso-font-width: 118%;">,<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.2pt;">industr</span>y<span style="letter-spacing: 1.05pt;">
</span><span style="letter-spacing: -.2pt;">expert</span>s<span style="letter-spacing: .85pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">said.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 87%;">“</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 122%;">T</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 126%;">he</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 126%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">i</span><span style="color: black; font-family: "Arial","sans-serif";">s<span style="letter-spacing: .75pt;"> </span><span style="mso-font-width: 122%;">a<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">forthcomin</span>g<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">bid </span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">oun</span><span style="mso-font-width: 122%;">d <span style="letter-spacing: -.2pt;">fo</span>r<span style="letter-spacing: -.95pt;"> </span>a<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">serie</span>s<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">o</span><span style="mso-font-width: 121%;">n<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="mso-font-width: 122%;">d </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">of</span><span style="mso-font-width: 119%;">f<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">sho</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: -.2pt;">concession</span><span style="letter-spacing: -.4pt;">s</span>,<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">b</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">laun</span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">he</span><span style="mso-font-width: 125%;">d<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.3pt;">b</span>y<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">th</span><span style="mso-font-width: 129%;">e<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">Ministry </span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">ene</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">g</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">ear</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">l</span><span style="mso-font-width: 120%;">y<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">S</span><span style="letter-spacing: -.2pt; mso-font-width: 111%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">ptemb</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.9pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">sai</span><span style="mso-font-width: 121%;">d<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">Christophe</span>r<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 112%;">D</span><span style="letter-spacing: -.25pt; mso-font-width: 112%;">r</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -1.05pt; mso-font-width: 115%;">w</span><span style="mso-font-width: 111%;">, </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">countr</span><span style="mso-font-width: 123%;">y<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">man</span><span style="letter-spacing: -.3pt;">a</span><span style="letter-spacing: -.2pt;">ge</span>r<span style="letter-spacing: -.1pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .45pt;"> A</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">ust</span><span style="letter-spacing: -.25pt; mso-font-width: 129%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">alian </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">explo</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">atio</span><span style="mso-font-width: 121%;">n<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt;">fir</span>m<span style="letter-spacing: 1.95pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">Twinz</span><span style="mso-font-width: 120%;">a</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 151%;">O</span><span style="letter-spacing: -.15pt; mso-font-width: 110%;">il. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">“</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.75pt;">W</span><span style="color: black; font-family: "Arial","sans-serif";">e<span style="letter-spacing: 1.0pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">expec</span><span style="mso-font-width: 122%;">t<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt;">i</span>t<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.25pt; mso-font-width: 114%;">l</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">competit</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">i</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">v</span><span style="letter-spacing: -.4pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 121%;">,<span style="letter-spacing: -.9pt;"> </span><span style="letter-spacing: -.2pt;">wit</span>h<span style="letter-spacing: -.35pt;"> </span>a<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 107%;">g </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">sh</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">win</span><span style="mso-font-width: 118%;">g<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.3pt;">b</span>y<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">th</span><span style="mso-font-width: 129%;">e<span style="letter-spacing: -.9pt;"> </span></span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">A</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">merican</span><span style="letter-spacing: -.35pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">” </span><span style="letter-spacing: -.15pt;">h</span>e<span style="letter-spacing: 1.8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 116%;">Ch</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 116%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 116%;">v</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 116%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 116%;">on</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 116%;">,<span style="letter-spacing: -.15pt;"> Exxon
Mobi</span>l<span style="letter-spacing: -.7pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 122%;">d </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 117%;">Conoco Phillip</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 117%;">s<span style="letter-spacing: -1.1pt;"> </span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.15pt;">e</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.15pt;">par</span>t<span style="letter-spacing: 1.0pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 113%;">of </span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">a<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">delegatio</span>n<span style="letter-spacing: -1.2pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">o</span><span style="color: black; font-family: "Arial","sans-serif";">f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">som</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">4</span>0<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 105%;">U</span><span style="mso-font-width: 103%;">S </span><span style="mso-font-width: 119%;">f<span style="letter-spacing: -.2pt;">irm</span>s<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.2pt;"> visi</span>t<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.2pt;">M</span><span style="letter-spacing: -.35pt;">y</span><span style="letter-spacing: -.2pt;">anma</span>r<span style="letter-spacing: -.05pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">l</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="mso-font-width: 140%;">t </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">mont</span><span style="mso-font-width: 122%;">h<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt;">latte</span>r<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.2pt;">signe</span>d<span style="letter-spacing: -1.05pt;"> </span></span><span style="mso-font-width: 129%;">a
</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">dea</span><span style="mso-font-width: 122%;">l<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 80%;">J</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">un</span><span style="mso-font-width: 127%;">e</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">explo</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">r</span><span style="mso-font-width: 119%;">e<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.15pt;">fo</span>r<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">gas </span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> two</span><span style="mso-font-width: 123%;"><span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">cont</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.45pt;">o</span><span style="letter-spacing: -.3pt;">v</span><span style="letter-spacing: -.2pt;">ersia</span>l<span style="letter-spacing: -1.1pt;"> </span><span style="letter-spacing: -.2pt;">sectio</span>ns<span style="letter-spacing: -.8pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">of </span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="mso-font-width: 121%;">e</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">B</span><span style="letter-spacing: -.35pt; mso-font-width: 107%;">a</span><span style="mso-font-width: 107%;">y<span style="letter-spacing: -.1pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 91%;">B</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 114%;">l</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">claime</span><span style="mso-font-width: 121%;">d<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.3pt; mso-font-width: 118%;">b</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">M</span><span style="letter-spacing: -.35pt; mso-font-width: 122%;">y</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">anma</span><span style="mso-font-width: 122%;">r<span style="letter-spacing: -1.0pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: .1pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">India.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 117%;">H</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.35pt; mso-font-width: 117%;">ow</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 117%;">ev</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 117%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -1.05pt; mso-font-width: 117%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 117%;">,<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.15pt;">stringen</span>t<span style="letter-spacing: 1.7pt;">
</span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 122%;">p</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 107%;">g </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 126%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 126%;">equi</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 126%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 126%;">ement</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 126%;">s<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: -.45pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">compliance </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">issue</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">s<span style="letter-spacing: -.2pt;"> impose</span>d<span style="letter-spacing: -.5pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt;">b</span><span style="color: black; font-family: "Arial","sans-serif";">y<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">thei</span><span style="mso-font-width: 125%;">r<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">g</span><span style="letter-spacing: -.45pt; mso-font-width: 124%;">o</span><span style="letter-spacing: -.3pt; mso-font-width: 124%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">ernmen</span><span style="mso-font-width: 124%;">t<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.2pt;">mea</span>n<span style="letter-spacing: -.15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">incoming </span><span style="letter-spacing: -.15pt; mso-font-width: 105%;">U</span><span style="mso-font-width: 103%;">S</span><span style="letter-spacing: -.1pt;"> </span><span style="mso-font-width: 118%;">f<span style="letter-spacing: -.2pt;">irm</span>s<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt;">wil</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 121%;">w</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">at</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">c</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">hin</span><span style="mso-font-width: 121%;">g<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="mso-font-width: 127%;">r </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">st</span><span style="letter-spacing: -.25pt; mso-font-width: 125%;">e</span><span style="mso-font-width: 125%;">p<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">s</span>o<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">th</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.2pt;">don</span><span style="letter-spacing: -.35pt;">’</span>t<span style="letter-spacing: -.8pt;"> </span></span><span style="letter-spacing: -.15pt;">fal</span>l<span style="letter-spacing: 1.8pt;"> </span><span style="letter-spacing: -.15pt;">fou</span>l<span style="letter-spacing: .2pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">of </span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">A</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 129%;">n</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">sanction</span><span style="letter-spacing: -.4pt; mso-font-width: 116%;">s</span><span style="mso-font-width: 116%;">,<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.15pt;">sai</span>d<span style="letter-spacing: .35pt;"> </span>U
</span><span style="letter-spacing: -.3pt; mso-font-width: 112%;">K</span><span style="letter-spacing: -.15pt; mso-font-width: 112%;">e</span><span style="mso-font-width: 112%;">n<span style="letter-spacing: -.65pt;"> T</span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">un</span><span style="mso-font-width: 111%;">,</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">p</span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">esiden</span><span style="mso-font-width: 125%;">t<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 102%;">C</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">EO</span><span style="mso-font-width: 151%;"> </span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">P</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">am</span><span style="mso-font-width: 120%;">i<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">Ene</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">g</span><span style="letter-spacing: -1.45pt;">y</span>,<span style="letter-spacing: -.5pt;"> </span>a<span style="letter-spacing: -.2pt;"> </span><span style="letter-spacing: -.15pt;">pr</span><span style="letter-spacing: -.2pt;">i</span></span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">ate</span><span style="letter-spacing: -.25pt; mso-font-width: 126%;">l</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.35pt; mso-font-width: 120%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">wne</span><span style="mso-font-width: 120%;">d<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.15pt;">oi</span>l<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">an</span><span style="mso-font-width: 127%;">d<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt;">ga</span>s<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">firm. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 116%;">“T</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 111%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 119%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 119%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 119%;">e<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: -.2pt;">coming</span>,<span style="letter-spacing: -.95pt;">
</span><span style="letter-spacing: -.2pt;">bu</span>t<span style="letter-spacing: .4pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 111%;">y </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">e <span style="letter-spacing: -.2pt;">bein</span>g<span style="letter-spacing: -1.1pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt;">v</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">er</span><span style="color: black; font-family: "Arial","sans-serif";">y <span style="letter-spacing: -.15pt; mso-font-width: 124%;">cautiou</span><span style="letter-spacing: -.35pt; mso-font-width: 124%;">s</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span>U<span style="letter-spacing: .2pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 94%;">K</span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">en T</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="mso-font-width: 129%;">n</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">said</span><span style="mso-font-width: 120%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-font-width: 120%;"><span style="letter-spacing: -.7pt;"> </span></span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">H</span><span style="color: black; font-family: "Arial","sans-serif";">e<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">sai</span><span style="mso-font-width: 122%;">d<span style="letter-spacing: -.8pt;"> A</span></span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 129%;">n </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">firm</span><span style="mso-font-width: 118%;">s<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">coul</span>d
<span style="letter-spacing: -.2pt;">d</span><span style="letter-spacing: -.3pt;">ev</span><span style="letter-spacing: -.2pt;">elo</span>p<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">i</span><span style="letter-spacing: -.35pt; mso-font-width: 121%;">n</span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">est</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">men</span><span style="mso-font-width: 122%;">t<span style="letter-spacing: .45pt;"> </span><span style="letter-spacing: -.3pt;">v</span><span style="letter-spacing: -.2pt;">ehicle</span>s<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.2pt;">outsid</span>e<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.15pt;">U</span><span style="letter-spacing: -.6pt;">S</span>,<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">su</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">c</span><span style="mso-font-width: 121%;">h<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt;">a</span>s<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.2pt;">formin</span>g<span style="letter-spacing: -1.1pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">official </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">partnershi</span><span style="mso-font-width: 124%;">p<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt;">companie</span>s<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 113%;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">is</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">te</span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">e</span><span style="mso-font-width: 125%;">d<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">Sing</span><span style="letter-spacing: -.3pt; mso-font-width: 117%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">po</span><span style="letter-spacing: -.3pt; mso-font-width: 117%;">r</span><span style="letter-spacing: -.4pt; mso-font-width: 117%;">e</span><span style="mso-font-width: 117%;">,<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">ci</span><span style="letter-spacing: -.3pt; mso-font-width: 117%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">cum</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">spec</span><span style="mso-font-width: 124%;">t<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt;">potentia</span>l<span style="letter-spacing: -.4pt;">
</span></span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">l</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">issue</span><span style="letter-spacing: -.35pt; mso-font-width: 122%;">s</span><span style="mso-font-width: 111%;">. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 111%;">“T</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">hat</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.75pt; mso-font-width: 121%;">’</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">s</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 122%;">h</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.35pt; mso-font-width: 122%;">o</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 122%;">w<span style="letter-spacing: -.85pt;"> </span><span style="letter-spacing: -.2pt;">th</span><span style="letter-spacing: -.25pt;">e</span>y<span style="letter-spacing: -.2pt;"> ca</span>n<span style="letter-spacing: -.15pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 126%;">ensu</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 126%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">e </span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 125%;">a<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">saf</span>e<span style="letter-spacing: -.85pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 128%;">entr</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -1.2pt; mso-font-width: 111%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 87%;">”</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.4pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">h</span><span style="color: black; font-family: "Arial","sans-serif";">e<span style="letter-spacing: 1.8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 123%;">Othe</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">r<span style="letter-spacing: 1.3pt;"> </span><span style="letter-spacing: -.2pt;">first-tie</span>r<span style="letter-spacing: -1.05pt;"> E</span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 128%;">u</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 128%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 123%;">opean </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">pl</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.4pt; mso-font-width: 120%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.35pt; mso-font-width: 120%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">er</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">s<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.2pt;">sh</span><span style="letter-spacing: -.35pt;">o</span><span style="letter-spacing: -.2pt;">win</span>g<span style="letter-spacing: -.85pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 125%;">inte</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 125%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 126%;">est </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 122%;">includ</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 122%;">e<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.15pt;">I</span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 114%;">l</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 129%;">n</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 118%;">ene</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 118%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 118%;">g</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 118%;">y<span style="letter-spacing: -.15pt;"> </span>f<span style="letter-spacing: -.2pt;">ir</span>m<span style="letter-spacing: -.55pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">ENI</span><span style="color: black; font-family: "Arial","sans-serif";"> <span style="letter-spacing: -.2pt; mso-font-width: 120%;">an</span><span style="mso-font-width: 120%;">d<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.2pt;">Dut</span><span style="letter-spacing: -.3pt;">c</span><span style="letter-spacing: -.2pt;">h-Britis</span>h<span style="letter-spacing: -1.15pt;">
</span></span><span style="letter-spacing: -.25pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">ultina</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">tiona</span><span style="mso-font-width: 117%;">l<span style="letter-spacing: .6pt;"> </span><span style="letter-spacing: -.15pt;">Shell</span>,<span style="letter-spacing: -1.0pt;">
</span><span style="letter-spacing: -.15pt;">th</span>e<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt;">latte</span>r<span style="letter-spacing: 1.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">tipped </span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">scopin</span><span style="mso-font-width: 120%;">g<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">ou</span>t<span style="letter-spacing: .15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">opportuni</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">tie</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">explo</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -.85pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 102%;">M</span><span style="letter-spacing: -.3pt; mso-font-width: 111%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.75pt; mso-font-width: 83%;">’</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">de</span><span style="letter-spacing: -.25pt; mso-font-width: 118%;">e</span><span style="mso-font-width: 118%;">p<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.2pt;">ate</span>r<span style="letter-spacing: .7pt;"> </span><span style="letter-spacing: -.2pt;">blo</span><span style="letter-spacing: -.3pt;">c</span><span style="letter-spacing: -.2pt;">k</span><span style="letter-spacing: -.4pt;">s</span>,<span style="letter-spacing: -.95pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="letter-spacing: -.3pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 123%;">Cur</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 123%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 123%;">ent</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 123%;">l</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -1.45pt; mso-font-width: 123%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">,<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">secto</span>r<span style="letter-spacing: -.6pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">i</span><span style="color: black; font-family: "Arial","sans-serif";">s<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">dom</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">inate</span><span style="mso-font-width: 125%;">d<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.3pt;">b</span>y<span style="letter-spacing: .75pt;"> A</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 129%;">n</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">wit</span><span style="mso-font-width: 124%;">h<span style="letter-spacing: -.85pt;"> </span><span style="letter-spacing: -.2pt;">name</span>s<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.2pt;">su</span><span style="letter-spacing: -.3pt;">c</span>h<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">a</span>s<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.35pt; mso-font-width: 94%;">K</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 129%;">n </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">Da</span><span style="letter-spacing: -.3pt; mso-font-width: 118%;">e</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">w</span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">o</span><span style="mso-font-width: 118%;">o<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: .65pt;"> </span></span><span style="letter-spacing: -.15pt;">KMD</span><span style="letter-spacing: -.6pt;">C</span>,<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.15pt;">T<span style="mso-font-width: 120%;">hailand</span></span><span style="letter-spacing: -.75pt; mso-font-width: 120%;">’</span><span style="mso-font-width: 123%;">s PPTEP</span><span style="mso-font-width: 111%;">,</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 102%;">C</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">na</span><span style="letter-spacing: -.75pt; mso-font-width: 83%;">’</span><span style="mso-font-width: 123%;">s</span><span style="letter-spacing: -.1pt;"> SINOPEC</span><span style="letter-spacing: -.15pt; mso-font-width: 103%;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="mso-font-width: 122%;">d </span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">Mal</span><span style="letter-spacing: -.4pt; mso-font-width: 115%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">ysia</span><span style="letter-spacing: -.85pt; mso-font-width: 115%;">’</span><span style="mso-font-width: 115%;">s<span style="letter-spacing: -.3pt;"> P</span></span><span style="letter-spacing: -.15pt; mso-font-width: 128%;">et</span><span style="letter-spacing: -.25pt; mso-font-width: 128%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">ona</span><span style="letter-spacing: -.35pt; mso-font-width: 124%;">s</span><span style="mso-font-width: 111%;">,</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">a</span><span style="mso-font-width: 126%;">s<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.3pt;">w</span><span style="letter-spacing: -.15pt;">el</span>l
<span style="letter-spacing: -.15pt; mso-font-width: 126%;">as </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">som</span><span style="mso-font-width: 121%;">e<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">lesse</span>r<span style="letter-spacing: -.2pt;">
kn</span><span style="letter-spacing: -.35pt;">o</span><span style="letter-spacing: -.2pt;">w</span>n<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">firm</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">s</span><span style="mso-font-width: 111%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 125%;">Th</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 125%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 116%;">Ministr</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 116%;">y<span style="letter-spacing: -.25pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">o</span><span style="color: black; font-family: "Arial","sans-serif";">f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">E</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">ne</span><span style="letter-spacing: -.25pt; mso-font-width: 126%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 109%;">gy </span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">porte</span><span style="mso-font-width: 120%;">d<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.2pt;">eigh</span>t<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">fo</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">eig</span>n<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">firms </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">r</span><span style="mso-font-width: 119%;">e<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: -.2pt;">cur</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ent</span><span style="letter-spacing: -.3pt;">l</span>y<span style="letter-spacing: 1.1pt;"> </span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.2pt;">orkin</span>g<span style="letter-spacing: -.95pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>n<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">10 </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">onsho</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">r</span><span style="mso-font-width: 119%;">e<span style="letter-spacing: .5pt;"> </span><span style="letter-spacing: -.2pt;">blo</span><span style="letter-spacing: -.3pt;">c</span><span style="letter-spacing: -.2pt;">k</span>s<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">whil</span>e<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">1</span>2<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">h</span><span style="letter-spacing: -.45pt; mso-font-width: 122%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">v</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">i</span><span style="letter-spacing: -.45pt;">n</span><span style="letter-spacing: -.3pt;">v</span><span style="letter-spacing: -.2pt;">este</span>d<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">i</span>n<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt;">2</span>7<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">ff</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">blo</span><span style="letter-spacing: -.25pt; mso-font-width: 116%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">k</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">s</span><span style="mso-font-width: 111%;">. </span><span style="letter-spacing: -.15pt; mso-font-width: 118%;"> </span></span><br />
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<span style="color: black; font-family: "Arial","sans-serif";"><span style="letter-spacing: -.15pt; mso-font-width: 118%;">Acco</span><span style="letter-spacing: -.3pt; mso-font-width: 118%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">din</span><span style="mso-font-width: 117%;">g</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">stat</span><span style="mso-font-width: 126%;">e <span style="letter-spacing: -.2pt;">me</span></span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">d</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 111%;">,</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">Sout</span><span style="mso-font-width: 121%;">h<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.35pt; mso-font-width: 94%;">K</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 129%;">n</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.15pt; mso-font-width: 105%;">D</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">oo</span><span style="letter-spacing: -.75pt; mso-font-width: 83%;">’</span><span style="mso-font-width: 123%;">s</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">blo</span><span style="letter-spacing: -.3pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">k</span><span style="mso-font-width: 117%;">s<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.15pt;">A1 and A3</span></span><span style="mso-font-width: 111%;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">contai</span><span style="mso-font-width: 124%;">n<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt;">5.35</span>3<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">trillio</span><span style="mso-font-width: 119%;">n<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">cubi</span>c<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">feet </span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt;">ga</span><span style="letter-spacing: -.35pt;">s</span>,<span style="letter-spacing: 1.85pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">ported</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">l</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.2pt;"> on</span>e<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">the </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">la</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">ges</span><span style="mso-font-width: 122%;">t<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.15pt;">ga</span>s<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">eser</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">e</span><span style="mso-font-width: 122%;">s<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">South</span><span style="letter-spacing: -.2pt; mso-font-width: 130%;">eas</span><span style="mso-font-width: 130%;">t<span style="letter-spacing: -1.25pt;"> </span><span style="letter-spacing: -.2pt;">Asia</span>,<span style="letter-spacing: -.9pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;"> Thailand</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">pe</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">t</span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">oleu</span><span style="mso-font-width: 123%;">m<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.1pt;">g</span><span style="letter-spacing: -.2pt;">ian</span>t<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.15pt;">PPTEP</span></span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.25pt; mso-font-width: 114%;">l</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">con</span><span style="mso-font-width: 120%;">f<span style="letter-spacing: -.2pt;">irme</span>d<span style="letter-spacing: -.6pt;"> </span>a<span style="letter-spacing: -.2pt;"> n</span><span style="letter-spacing: -.3pt;">e</span>w<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.35pt; mso-font-width: 129%;">n</span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 140%;">t </span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt;">US$</span>2<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">billio</span><span style="mso-font-width: 118%;">n<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">i</span>n<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 102%;">M</span><span style="letter-spacing: -.3pt; mso-font-width: 111%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 127%;">r </span><span style="letter-spacing: -.45pt; mso-font-width: 123%;">o</span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">e</span><span style="mso-font-width: 123%;">r<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.2pt;">nex</span>t<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">fou</span>r<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.35pt;">y</span><span style="letter-spacing: -.2pt;">ear</span>s<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">f</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="mso-font-width: 127%;">r </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">explo</span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">atio</span><span style="mso-font-width: 123%;">n<span style="letter-spacing: -1.0pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: -.1pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">d</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="mso-font-width: 129%;">n </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">ope</span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">ation</span><span style="mso-font-width: 125%;">s<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.2pt;">a</span>t<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt;">it</span>s<span style="letter-spacing: -.7pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">Z</span><span style="letter-spacing: -.35pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">k</span><span style="mso-font-width: 129%;">a <span style="letter-spacing: -.2pt;">natu</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">a</span>l<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt;">ga</span>s<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.15pt;">fiel</span>d<span style="letter-spacing: 1.8pt;"> </span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">th</span><span style="mso-font-width: 129%;">e<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt;">Gul</span>f<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">of </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">Martaban</span><span style="mso-font-width: 121%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-font-width: 121%;"><span style="letter-spacing: -.55pt;"> </span></span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">P</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 122%;">TTEP</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 122%;">al</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 122%;">ea</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 122%;">d</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 122%;">y<span style="letter-spacing: -.35pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 127%;">has </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">s</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 120%;">ev</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">n<span style="letter-spacing: -.2pt;"> p</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">oject</span>s
<span style="letter-spacing: -.2pt;">includin</span>g<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.15pt;">ope</span><span style="letter-spacing: -.9pt;">r</span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">atin</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">g<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">fou</span>r<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">explo</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">atio</span>n<span style="letter-spacing: -.3pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 116%;">blo</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 116%;">c</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 118%;">ks </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">i</span><span style="color: black; font-family: "Arial","sans-serif";">n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 105%;">M</span><span style="letter-spacing: -.3pt; mso-font-width: 105%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 128%;">anma</span><span style="letter-spacing: -.9pt; mso-font-width: 128%;">r</span><span style="mso-font-width: 111%;">. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">U</span><span style="color: black; font-family: "Arial","sans-serif";">S<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">ene</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">g</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.1pt;">g</span><span style="letter-spacing: -.2pt;">ian</span>t<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">Ch</span><span style="letter-spacing: -.25pt; mso-font-width: 116%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.3pt; mso-font-width: 124%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">o</span><span style="mso-font-width: 124%;">n<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt;">ha</span>s<span style="letter-spacing: -.2pt;"> bee</span>n<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">ope</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ationa</span>l<span style="letter-spacing: -.75pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">in </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">M</span><span style="letter-spacing: -.35pt; mso-font-width: 120%;">y</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">anma</span><span style="mso-font-width: 120%;">r<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">sinc</span>e<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">q</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 107%;">g </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">an</span><span style="mso-font-width: 122%;">d<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">expandin</span>g<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.2pt;">upo</span>n<span style="letter-spacing: -.1pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">Unocal</span><span style="letter-spacing: -.75pt; mso-font-width: 114%;">’</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">existin</span><span style="mso-font-width: 120%;">g<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">p</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">oject</span>s </span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">th</span><span style="mso-font-width: 129%;">e<span style="letter-spacing: -1.2pt;"> </span></span><span style="letter-spacing: -.9pt; mso-font-width: 97%;">Y</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">adana </span><span style="letter-spacing: -.15pt;">ga</span>s<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.15pt;">fiel</span>d<span style="letter-spacing: 1.8pt;"> </span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.15pt;">2005</span>,<span style="letter-spacing: 1.6pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">ope</span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">ate</span><span style="mso-font-width: 123%;">d<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.3pt; mso-font-width: 118%;">b</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.35pt; mso-font-width: 120%;">F</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">en</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">c</span><span style="mso-font-width: 120%;">h<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.3pt;">m</span><span style="letter-spacing: -.2pt;">ultinationa</span>l<span style="letter-spacing: 1.4pt;"> </span><span style="letter-spacing: -.2pt;">T</span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">otal.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">Th</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 122%;">p</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 122%;">ojec</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 122%;">t<span style="letter-spacing: -.5pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 122%;">d </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">US$4.8</span><span style="color: black; font-family: "Arial","sans-serif";">3 <span style="letter-spacing: .15pt;"><span style="mso-spacerun: yes;"> </span></span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">billio</span><span style="mso-font-width: 118%;">n<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">dollar</span>s<span style="letter-spacing: .35pt;"> </span></span><span style="letter-spacing: -.15pt;">fo</span>r<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">the </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">M</span><span style="letter-spacing: -.35pt; mso-font-width: 121%;">y</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">anma</span><span style="mso-font-width: 121%;">r<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">g</span><span style="letter-spacing: -.4pt;">o</span><span style="letter-spacing: -.3pt;">v</span><span style="letter-spacing: -.2pt;">ernmen</span>t<span style="letter-spacing: .2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">be</span><span style="letter-spacing: -.15pt; mso-font-width: 112%;">t</span><span style="letter-spacing: -.35pt; mso-font-width: 112%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 112%;">ee</span><span style="mso-font-width: 112%;">n<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.15pt;">2000-2008</span>,<span style="letter-spacing: -.85pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">e</span><span style="letter-spacing: -.35pt; mso-font-width: 125%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">vi</span><span style="letter-spacing: -.25pt; mso-font-width: 115%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">onmen</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">ta</span><span style="mso-font-width: 124%;">l<span style="letter-spacing: -.2pt;"> g</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ou</span>p<span style="letter-spacing: -1.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 131%;">arth </span><span style="letter-spacing: -.15pt; mso-font-width: 194%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">ight</span><span style="mso-font-width: 120%;">s</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">Interna</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">tiona</span><span style="mso-font-width: 125%;">l<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.2pt;">state</span>d<span style="letter-spacing: -.05pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="mso-font-width: 127%;">a<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ecen</span>t<span style="letter-spacing: -.9pt;"> </span><span style="letter-spacing: -.25pt;">r</span></span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">port, </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">d</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">din</span><span style="mso-font-width: 120%;">g<span style="letter-spacing: -.65pt;"> </span></span><span style="letter-spacing: -1.05pt; mso-font-width: 241%;">T</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 114%;">l</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">an</span><span style="mso-font-width: 121%;">d<span style="letter-spacing: .2pt;"> </span><span style="letter-spacing: -.2pt;">Ch</span><span style="letter-spacing: -.3pt;">e</span><span style="letter-spacing: -.2pt;">v</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">o</span>n<span style="letter-spacing: -1.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">t</span><span style="letter-spacing: -.35pt; mso-font-width: 120%;">w</span><span style="mso-font-width: 120%;">o<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">th</span><span style="mso-font-width: 118%;">e<span style="letter-spacing: .65pt;"> </span><span style="letter-spacing: -.2pt;">bigges</span>t<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.75pt; mso-font-width: 111%;">W</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="mso-font-width: 129%;">n </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">companie</span><span style="mso-font-width: 121%;">s <span style="letter-spacing: -.2pt;">i</span>n<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt;">M</span><span style="letter-spacing: -.35pt;">y</span><span style="letter-spacing: -.2pt;">anma</span><span style="letter-spacing: -1.1pt;">r</span>,<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">b</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="mso-font-width: 129%;">h </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">esc</span><span style="letter-spacing: -.3pt; mso-font-width: 117%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">pin</span><span style="mso-font-width: 117%;">g<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.15pt;">wide-</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.15pt;">an</span><span style="letter-spacing: -.1pt;">g</span><span style="letter-spacing: -.15pt;">in</span>g<span style="letter-spacing: .4pt;"> </span><span style="letter-spacing: -.15pt;">EU</span><span style="letter-spacing: -.7pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="mso-font-width: 122%;">d </span><span style="letter-spacing: -.15pt;">U</span>S<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">sanction</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.2pt;">impose</span>d<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>n<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">the </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">forme</span><span style="mso-font-width: 121%;">r<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">e</span><span style="letter-spacing: -.1pt; mso-font-width: 113%;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">im</span><span style="letter-spacing: -.35pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 111%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">Ch</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 120%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">v</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">o</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">n<span style="letter-spacing: -.9pt;"> </span><span style="letter-spacing: -.2pt;">decline</span>d<span style="letter-spacing: -.25pt;">
</span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.25pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="color: black; font-family: "Arial","sans-serif";">f<span style="letter-spacing: -.15pt;">i<span style="mso-font-width: 127%;">r</span></span><span style="mso-font-width: 126%;">m </span><span style="letter-spacing: -.15pt;">i</span>f<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">th</span><span style="mso-font-width: 124%;">e <span style="letter-spacing: -.2pt;">compa</span><span style="letter-spacing: -.3pt;">n</span>y<span style="letter-spacing: -1.1pt;"> </span></span><span style="letter-spacing: -.15pt;">wil</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">participate </span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">th</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: .2pt;"> </span><span style="letter-spacing: -.2pt;">upcomin</span>g<span style="letter-spacing: -.95pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">international </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">tende</span><span style="letter-spacing: -1.05pt; mso-font-width: 117%;">r</span><span style="mso-font-width: 117%;">.<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt;">“Ch</span><span style="letter-spacing: -.3pt;">e</span><span style="letter-spacing: -.15pt;">v</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.15pt;">o</span>n<span style="letter-spacing: -1.0pt;"> </span><span style="letter-spacing: -.15pt;">conti</span><span style="letter-spacing: -.25pt;">n</span><span style="letter-spacing: -.15pt;">ue</span>s<span style="letter-spacing: 1.8pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">to </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">asses</span><span style="mso-font-width: 124%;">s<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">U</span>S<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">g</span><span style="letter-spacing: -.45pt; mso-font-width: 122%;">o</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">ernmen</span><span style="mso-font-width: 122%;">t<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">wit</span><span style="mso-font-width: 121%;">h<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ega</span><span style="letter-spacing: -.35pt;">r</span><span style="letter-spacing: -.2pt;">d</span>s<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">M</span><span style="letter-spacing: -.35pt; mso-font-width: 120%;">y</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">anma</span><span style="mso-font-width: 120%;">r<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">and </span><span style="letter-spacing: -.15pt;">wil</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">conti</span><span style="letter-spacing: -.25pt; mso-font-width: 122%;">n</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">u</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">comp</span><span style="letter-spacing: -.3pt;">l</span>y<span style="letter-spacing: -1.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="mso-font-width: 129%;">h </span><span style="letter-spacing: -.15pt;">al</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.75pt;">U</span><span style="letter-spacing: -.6pt;">S</span><span style="letter-spacing: .45pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">l</span><span style="letter-spacing: -.45pt; mso-font-width: 123%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">w</span><span style="mso-font-width: 123%;">s<span style="letter-spacing: -.85pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: -.05pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">egulation</span><span style="letter-spacing: -.35pt; mso-font-width: 121%;">s</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="mso-font-width: 129%;">a </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">Ch</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">e</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">v</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">o</span><span style="mso-font-width: 120%;">n<span style="letter-spacing: -.85pt;"> </span><span style="letter-spacing: -.2pt;">spo</span><span style="letter-spacing: -.25pt;">k</span><span style="letter-spacing: -.2pt;">e</span><span style="letter-spacing: -.4pt;">s</span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.2pt;">oma</span>n<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.2pt;">sai</span>d<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">in </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 129%;">n<span style="letter-spacing: -.65pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">email.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 125%;">Th</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 125%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 116%;">Ministr</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 116%;">y<span style="letter-spacing: -.25pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">o</span><span style="color: black; font-family: "Arial","sans-serif";">f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">Ene</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">g</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.15pt;">said </span></span><span style="letter-spacing: -.15pt;">2</span>3<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">luc</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">at</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">i</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">v</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: .2pt;"> </span><span style="letter-spacing: -.2pt;">offsho</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">b</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">lo</span><span style="letter-spacing: -.25pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">k</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">l</span><span style="mso-font-width: 114%;">l</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">offe</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">e</span><span style="mso-font-width: 119%;">d<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">alongsid</span>e<span style="letter-spacing: -.25pt;">
</span></span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">3</span><span style="mso-font-width: 111%;">0 </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">onsho</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: .4pt;"> </span><span style="letter-spacing: -.2pt;">blo</span><span style="letter-spacing: -.3pt;">c</span><span style="letter-spacing: -.2pt;">k</span>s<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">th</span><span style="mso-font-width: 126%;">e<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">nex</span>t<span style="letter-spacing: -.8pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">bid</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">din</span><span style="mso-font-width: 122%;">g<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ound</span>,<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.2pt;">industr</span>y<span style="letter-spacing: -.1pt;">
</span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">insid</span><span style="letter-spacing: -.15pt;">er</span>s <span style="letter-spacing: -.2pt; mso-font-width: 119%;">s</span><span style="letter-spacing: -.4pt; mso-font-width: 119%;">a</span><span style="mso-font-width: 119%;">y<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">M</span><span style="letter-spacing: -.35pt;">y</span><span style="letter-spacing: -.2pt;">anmar</span><span style="letter-spacing: -.9pt;">’</span>s<span style="letter-spacing: 1.4pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 131%;">unt</span><span style="letter-spacing: -.25pt; mso-font-width: 131%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">pped </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">offsho</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">oi</span>l<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">an</span><span style="mso-font-width: 127%;">d<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt;">ga</span>s<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">eser</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">es </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">r</span><span style="mso-font-width: 125%;">e<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">certai</span>n<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">lu</span><span style="letter-spacing: -.3pt; mso-font-width: 124%;">r</span><span style="mso-font-width: 124%;">e<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.15pt;">bi</span>g<span style="letter-spacing: 1.0pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">name </span><span style="letter-spacing: -.9pt; mso-font-width: 121%;">W</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">ester</span><span style="mso-font-width: 121%;">n <span style="letter-spacing: -.2pt;">ene</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">g</span>y<span style="letter-spacing: -.9pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">firm</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">s</span><span style="mso-font-width: 111%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">“U</span><span style="color: black; font-family: "Arial","sans-serif";">S<span style="letter-spacing: -.15pt;"> </span><span style="mso-font-width: 120%;">f<span style="letter-spacing: -.2pt;">irm</span>s<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">a</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">inte</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">este</span>d<span style="letter-spacing: 1.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="mso-font-width: 129%;">n </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">offsho</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.4pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 121%;">,<span style="letter-spacing: -1.15pt;"> </span><span style="letter-spacing: -.2pt;">no</span>t<span style="letter-spacing: .05pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">onsho</span><span style="letter-spacing: -.25pt; mso-font-width: 123%;">r</span><span style="letter-spacing: -.35pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span>U<span style="letter-spacing: .2pt;"> </span><span style="letter-spacing: -.25pt; mso-font-width: 94%;">K</span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">en</span><span style="mso-font-width: 116%;"> T</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">u</span><span style="mso-font-width: 129%;">n</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">said</span><span style="mso-font-width: 120%;">.<span style="letter-spacing: -1.15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 87%;">“</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">Th</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">es</span><span style="mso-font-width: 124%;">e</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">guy</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.2pt;">an</span>t<span style="letter-spacing: .35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">to </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">pl</span><span style="letter-spacing: -.4pt; mso-font-width: 120%;">a</span><span style="mso-font-width: 120%;">y<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">bi</span>g<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 128%;">an</span><span style="mso-font-width: 128%;">d<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">bi</span>g<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">game</span><span style="mso-font-width: 122%;">s<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="mso-font-width: 121%;">e <span style="letter-spacing: -.2pt;">al</span>l<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">ff</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.35pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -1.05pt; mso-font-width: 111%;">.</span><span style="mso-font-width: 87%;">”</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif";"><span style="mso-font-width: 87%;"> </span><span style="letter-spacing: -.4pt;"> </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">M</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.35pt; mso-font-width: 120%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">anma</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">r<span style="letter-spacing: -.35pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 114%;">l</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 122%;">d</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 111%;">y </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 125%;">host</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 125%;">s<span style="letter-spacing: -.45pt;"> </span>a<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">smal</span>l<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">Eu</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">opea</span>n<span style="letter-spacing: -.35pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 124%;">p</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 124%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 122%;">es</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">enc</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.4pt; mso-font-width: 120%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">,<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt;">includin</span>g<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.3pt;">F</span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.75pt; mso-font-width: 83%;">’</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">s</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.4pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 127%;">To</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 114%;">l </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">an</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">d<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.2pt;">Switzerland</span><span style="letter-spacing: -.9pt;">’</span>s<span style="letter-spacing: -1.15pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 117%;">GeoPet</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 117%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 113%;">ol, </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 123%;">an</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">d<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.2pt;">sou</span><span style="letter-spacing: -.35pt;">r</span><span style="letter-spacing: -.2pt;">ce</span>s<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">s</span><span style="letter-spacing: -.45pt;">a</span>y<span style="letter-spacing: -.7pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 124%;">p</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 124%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 126%;">esenta</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 120%;">i</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 120%;">v</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">s<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">f</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">o</span>m<span style="letter-spacing: -.35pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">BH</span><span style="color: black; font-family: "Arial","sans-serif";">P<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.3pt;">P</span><span style="letter-spacing: -.15pt; mso-font-width: 128%;">et</span><span style="letter-spacing: -.25pt; mso-font-width: 128%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">oleu</span><span style="mso-font-width: 122%;">m</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">vis</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">ite</span><span style="mso-font-width: 124%;">d<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">esou</span><span style="letter-spacing: -.35pt;">r</span><span style="letter-spacing: -.2pt;">ce-ri</span><span style="letter-spacing: -.3pt;">c</span>h<span style="letter-spacing: -1.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">un</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.35pt; mso-font-width: 80%;">J</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">un</span><span style="letter-spacing: -.35pt; mso-font-width: 127%;">e</span><span style="mso-font-width: 111%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">“BH</span><span style="color: black; font-family: "Arial","sans-serif";">P<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">h</span><span style="letter-spacing: -.45pt; mso-font-width: 123%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">v</span><span style="mso-font-width: 123%;">e<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt;">bee</span>n<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 107%;">g </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">th</span><span style="mso-font-width: 129%;">e</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">p</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">re</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">viou</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">onsho</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: .15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">opportu</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">nitie</span><span style="mso-font-width: 124%;">s<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">i</span>n<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.05pt;"> </span></span><span style="letter-spacing: -.15pt;">oi</span>l<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">an</span><span style="mso-font-width: 123%;">d<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt;">ga</span>s<span style="letter-spacing: -.9pt;"> </span><span style="letter-spacing: -.15pt;">s</span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="mso-font-width: 127%;">r <span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt;">n</span>o<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">doub</span><span style="mso-font-width: 120%;">t<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.25pt;">e</span><span style="letter-spacing: -.35pt;">y</span><span style="letter-spacing: -.2pt;">ein</span>g<span style="letter-spacing: -1.05pt;"> </span></span><span style="letter-spacing: -.15pt;">of</span>f<span style="letter-spacing: 1.0pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">th</span><span style="mso-font-width: 129%;">e<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">lu</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">c</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">at</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">i</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">v</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.2pt;">offsho</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 114%;">k</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">sai</span><span style="mso-font-width: 122%;">d<span style="letter-spacing: -.5pt;"> </span></span><span style="mso-font-width: 129%;">a </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">fo</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">eig</span><span style="mso-font-width: 120%;">n<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">consultan</span>t<span style="letter-spacing: 1.65pt;">
</span><span style="letter-spacing: -.2pt;">wh</span>o<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 114%;">k</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.15pt;">o</span>n<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">conditio</span><span style="mso-font-width: 120%;">n<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">ano</span><span style="letter-spacing: -.25pt; mso-font-width: 125%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">ymit</span><span style="letter-spacing: -1.2pt; mso-font-width: 111%;">y</span><span style="mso-font-width: 111%;">. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 111%;">A</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 134%;">n<span style="letter-spacing: -.25pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">Australian
investor, Robert Mclennan, said his company Dagon Oil Limited, was keen</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.4pt; mso-font-width: 121%;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">o<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">ge</span>t<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">hol</span>d<span style="letter-spacing: -.5pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">o</span><span style="color: black; font-family: "Arial","sans-serif";">f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">f</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="mso-font-width: 127%;">r </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">offsho</span><span style="letter-spacing: -.3pt; mso-font-width: 118%;">r</span><span style="mso-font-width: 118%;">e<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">blo</span><span style="letter-spacing: -.3pt;">c</span><span style="letter-spacing: -.2pt;">k</span>s<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">th</span><span style="mso-font-width: 126%;">e<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">nex</span>t<span style="letter-spacing: -.8pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">biddin</span><span style="mso-font-width: 117%;">g<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">ound.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 87%;">“</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">I<span style="mso-font-width: 83%;">’</span></span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 126%;">m</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 124%;">p</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 124%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 124%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 124%;">parin</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 124%;">g<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.05pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 114%;">l</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 140%;">tt</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">s </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">o</span><span style="color: black; font-family: "Arial","sans-serif";">f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">inten</span><span style="mso-font-width: 127%;">t<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">a</span>s<span style="letter-spacing: -.65pt;"> </span></span><span style="letter-spacing: -.3pt;">w</span>e<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">speak</span><span style="letter-spacing: -.6pt; mso-font-width: 120%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt;">h</span>e<span style="letter-spacing: 1.8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">said </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">durin</span><span style="mso-font-width: 123%;">g<span style="letter-spacing: -.8pt;"> </span>a<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">phon</span>e<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">intervi</span><span style="letter-spacing: -.3pt;">e</span><span style="letter-spacing: -1.3pt;">w</span>,
</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">d</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">din</span><span style="mso-font-width: 120%;">g<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.15pt;">hi</span>s<span style="letter-spacing: 1.95pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">compa</span><span style="letter-spacing: -.3pt; mso-font-width: 124%;">n</span><span style="mso-font-width: 124%;">y<span style="letter-spacing: -1.1pt;"> </span><span style="letter-spacing: -.2pt;">ha</span>d<span style="letter-spacing: -.15pt;">
made </span></span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">“g</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">ea</span><span style="mso-font-width: 119%;">t<span style="letter-spacing: -.9pt;"> </span><span style="letter-spacing: -.2pt;">in</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">oads</span>”<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.2pt;">wit</span>h<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: .55pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 112%;">Minis</span><span style="letter-spacing: -.15pt;">tr</span>y<span style="letter-spacing: 1.95pt;"> </span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">Ene</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">g</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">th</span><span style="mso-font-width: 129%;">e<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">past </span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">month</span><span style="letter-spacing: -.35pt; mso-font-width: 126%;">s</span><span style="mso-font-width: 111%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">Bu</span><span style="color: black; font-family: "Arial","sans-serif";">t<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">whil</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.9pt;">W</span><span style="letter-spacing: -.2pt;">ester</span>n<span style="letter-spacing: .25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">ene</span><span style="letter-spacing: -.25pt; mso-font-width: 124%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 109%;">gy </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">companie</span><span style="mso-font-width: 123%;">s<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">a</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -.2pt;"> expecte</span>d<span style="letter-spacing: -.8pt;">
</span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="mso-font-width: 114%;">o </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">ma</span><span style="letter-spacing: -.25pt; mso-font-width: 122%;">k</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">thei</span>r <span style="letter-spacing: -.2pt;">p</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">esenc</span>e<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.2pt;">felt</span>,<span style="letter-spacing: -1.05pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="letter-spacing: -.3pt; mso-font-width: 83%;">’</span><span style="mso-font-width: 140%;">t</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">tippin</span><span style="mso-font-width: 123%;">g<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: .05pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">b</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">l</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">gains</span><span style="mso-font-width: 122%;">t<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.2pt;">easter</span>n<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt;">firm</span>s<span style="letter-spacing: -1.1pt;"> </span><span style="letter-spacing: -.2pt;">jus</span>t<span style="letter-spacing: .15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said, </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">sai</span><span style="mso-font-width: 121%;">d<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.3pt; mso-font-width: 80%;">J</span><span style="letter-spacing: -.15pt; mso-font-width: 128%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 128%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 121%;">d</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">Bissinge</span><span style="letter-spacing: -1.05pt; mso-font-width: 116%;">r</span><span style="mso-font-width: 116%;">,<span style="letter-spacing: -1.1pt;"> </span>a<span style="letter-spacing: .05pt;"> </span></span><span style="letter-spacing: -.15pt;">PhD</span><span style="letter-spacing: 1.3pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 130%;">stu</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">den</span><span style="mso-font-width: 123%;">t<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">f</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">o</span>m<span style="letter-spacing: -1.15pt;"> A</span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">ust</span><span style="letter-spacing: -.25pt; mso-font-width: 129%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">alia</span><span style="letter-spacing: -.75pt; mso-font-width: 114%;">’</span><span style="mso-font-width: 123%;">s</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">Macqua</span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">ri</span><span style="mso-font-width: 118%;">e<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">Un</span><span style="letter-spacing: -.25pt;">i</span><span style="letter-spacing: -.3pt;">v</span><span style="letter-spacing: -.2pt;">ersit</span>y<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">wh</span>o<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>s<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">d</span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 107%;">g </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">M</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">y</span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">anmar</span><span style="letter-spacing: -.9pt; mso-font-width: 118%;">’</span><span style="mso-font-width: 118%;">s<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">econo</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">m</span><span style="letter-spacing: -1.2pt; mso-font-width: 111%;">y</span><span style="mso-font-width: 111%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 115%;">“M</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.35pt; mso-font-width: 115%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 115%;">anmar</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.85pt; mso-font-width: 115%;">’</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 115%;">s<span style="letter-spacing: -.1pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">oi</span><span style="color: black; font-family: "Arial","sans-serif";">l<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">an</span><span style="mso-font-width: 127%;">d<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">gas </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">secto</span><span style="mso-font-width: 124%;">r<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">ha</span>s<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.2pt;">ma</span><span style="letter-spacing: -.3pt;">n</span>y<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">mo</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -.75pt;"> </span>f<span style="letter-spacing: -.15pt;">i</span></span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">f</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">o</span><span style="mso-font-width: 121%;">m<span style="letter-spacing: -.8pt;"> A</span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="mso-font-width: 129%;">a</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">tha</span><span style="mso-font-width: 122%;">n<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.9pt;">W</span><span style="letter-spacing: -.2pt;">est</span>,<span style="letter-spacing: -1.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="mso-font-width: 122%;">d </span><span style="letter-spacing: -.15pt;">i</span>t<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.15pt;">wil</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">st</span><span style="letter-spacing: -.45pt; mso-font-width: 123%;">a</span><span style="mso-font-width: 123%;">y<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">tha</span>t<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.45pt;">a</span>y<span style="letter-spacing: -1.15pt;"> </span></span><span style="letter-spacing: -.15pt;">fo</span>r<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">quit</span><span style="mso-font-width: 129%;">e<span style="letter-spacing: -1.3pt;"> </span>a </span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">whil</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">e</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt;">M</span>r<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">Bissinge</span><span style="mso-font-width: 114%;">r<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said. </span></span><br />
<span style="color: black; font-family: "Arial","sans-serif";"><span style="letter-spacing: -.15pt; mso-font-width: 120%;"> </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 94%;">“</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.25pt; mso-font-width: 94%;">P</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 131%;">ar</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 131%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">o</span><span style="color: black; font-family: "Arial","sans-serif";">f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">th</span><span style="mso-font-width: 126%;">e<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">easo</span>n<span style="letter-spacing: -.9pt;"> </span></span><span style="letter-spacing: -.15pt;">fo</span>r<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">thi</span><span style="mso-font-width: 126%;">s<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">is </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">simp</span><span style="letter-spacing: -.3pt; mso-font-width: 118%;">l</span><span style="mso-font-width: 118%;">y<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.2pt;">geog</span><span style="letter-spacing: -.3pt;">ra</span><span style="letter-spacing: -.2pt;">p</span><span style="letter-spacing: -.45pt;">h</span>y<span style="letter-spacing: -.15pt;"> </span></span>-<span style="letter-spacing: .35pt;">
</span><span style="letter-spacing: -.15pt; mso-font-width: 102%;">M</span><span style="letter-spacing: -.3pt; mso-font-width: 111%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.75pt; mso-font-width: 83%;">’</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">locatio</span><span style="mso-font-width: 120%;">n<span style="letter-spacing: -.2pt;">, </span></span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">compa</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">at</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">i</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">l</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">fa</span>r<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">f</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">o</span>m<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="mso-font-width: 121%;">e <span style="letter-spacing: -.9pt;">W</span><span style="letter-spacing: -.2pt;">es</span>t<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">ma</span><span style="letter-spacing: -.25pt;">k</span><span style="letter-spacing: -.2pt;">e</span>s<span style="letter-spacing: -.05pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>t<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">mo</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">economi</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">ca</span><span style="mso-font-width: 122%;">l<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">expor</span>t<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">oi</span>l<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">an</span><span style="mso-font-width: 123%;">d<span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt;">ga</span>s<span style="letter-spacing: -.9pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="mso-font-width: 114%;">o </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">Asian countries. Remaining</span><span style="mso-font-width: 107%;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">sanction</span><span style="mso-font-width: 123%;">s<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt;">li</span><span style="letter-spacing: -.2pt;">k</span>e<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">th</span><span style="mso-font-width: 126%;">e<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">impor</span>t<span style="letter-spacing: -1.3pt;"> </span><span style="letter-spacing: -.2pt;">ban </span></span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">pl</span><span style="letter-spacing: -.45pt; mso-font-width: 122%;">a</span><span style="mso-font-width: 122%;">y<span style="letter-spacing: -.75pt;"> </span>a<span style="letter-spacing: -.3pt;"> r</span><span style="letter-spacing: -.2pt;">ol</span>e<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">to</span><span style="letter-spacing: -.55pt;">o</span>,<span style="letter-spacing: -1.15pt;"> </span><span style="letter-spacing: -.2pt;">a</span>s<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">doe</span>s<span style="letter-spacing: -.75pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.15pt; mso-font-width: 104%;">SDN</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt;">list</span><span style="letter-spacing: -.6pt;">,</span>”<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.15pt;">M</span>r<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">Bissinge</span><span style="mso-font-width: 114%;">r<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 118%;">All</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.75pt; mso-font-width: 136%;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 118%;">fo</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 118%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 118%;">eig</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 118%;">n<span style="letter-spacing: -.55pt;"> </span>f<span style="letter-spacing: -.2pt;">irm</span>s<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">i</span><span style="letter-spacing: -.4pt;">n</span><span style="letter-spacing: -.3pt;">v</span><span style="letter-spacing: -.2pt;">estin</span>g<span style="letter-spacing: .45pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">i</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">n</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 129%;">th</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 129%;">e<span style="letter-spacing: -.6pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">oi</span><span style="color: black; font-family: "Arial","sans-serif";">l<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">an</span><span style="mso-font-width: 127%;">d<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt;">ga</span>s<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">secto</span><span style="mso-font-width: 122%;">r<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 128%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 128%;">r</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">equi</span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">e</span><span style="mso-font-width: 123%;">d<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">ente</span><span style="mso-font-width: 126%;">r<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">int</span>o<span style="letter-spacing: -1.0pt;"> </span>a<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 124%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">ductio</span><span style="mso-font-width: 123%;">n<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt;">sharin</span>g<span style="letter-spacing: -.55pt;">
</span><span style="letter-spacing: -.2pt;">cont</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ac</span>t<span style="letter-spacing: .25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="mso-font-width: 122%;">d </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">partnershi</span><span style="mso-font-width: 125%;">p<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">wit</span>h<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 105%;">M</span><span style="letter-spacing: -.3pt; mso-font-width: 105%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 128%;">anmar </span><span style="letter-spacing: -.2pt; mso-font-width: 128%;">Oi</span><span style="mso-font-width: 128%;">l<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: -.7pt;"> </span></span><span style="letter-spacing: -.15pt;">Ga</span>s<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">Enterprise</span><span style="letter-spacing: -.35pt; mso-font-width: 119%;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">(MOGE</span><span style="letter-spacing: -.15pt; mso-font-width: 101%;">), </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">th</span><span style="mso-font-width: 123%;">e<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">g</span><span style="letter-spacing: -.45pt;">o</span><span style="letter-spacing: -.3pt;">v</span><span style="letter-spacing: -.2pt;">ernmen</span>t<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt;">entit</span>y<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">whi</span><span style="letter-spacing: -.3pt;">c</span>h </span><span style="letter-spacing: -.4pt; mso-font-width: 120%;">o</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">ersee</span><span style="mso-font-width: 120%;">s<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">licencin</span>g<span style="letter-spacing: -1.0pt;">
</span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.2pt;">hold</span>s<span style="letter-spacing: -.2pt;"> </span></span><span style="mso-font-width: 129%;">a
</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">majorit</span><span style="mso-font-width: 123%;">y<span style="letter-spacing: -.85pt;"> </span><span style="letter-spacing: -.2pt;">sta</span><span style="letter-spacing: -.25pt;">k</span>e<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.15pt;">al</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">onsho</span><span style="letter-spacing: -.25pt; mso-font-width: 123%;">r</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">an</span><span style="mso-font-width: 122%;">d<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">offsho</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">blo</span><span style="letter-spacing: -.25pt; mso-font-width: 116%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">k</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">s</span><span style="mso-font-width: 111%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">Unde</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">r<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">n</span><span style="letter-spacing: -.3pt;">e</span>w<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">rule</span><span style="letter-spacing: -.4pt;">s</span>,<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">fo</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">eig</span>n<span style="letter-spacing: -1.05pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 114%;">l </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 127%;">an</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 127%;">d<span style="letter-spacing: -.55pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">ga</span><span style="color: black; font-family: "Arial","sans-serif";">s<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">firm</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: -.9pt;"> </span><span style="letter-spacing: -.2pt;">startin</span>g<span style="letter-spacing: .4pt;"> </span></span><span style="letter-spacing: -.15pt;">u</span>p<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">in </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">M</span><span style="letter-spacing: -.35pt; mso-font-width: 122%;">y</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">anma</span><span style="mso-font-width: 122%;">r<span style="letter-spacing: -1.0pt;"> </span><span style="letter-spacing: -.3pt;">m</span><span style="letter-spacing: -.2pt;">us</span>t<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.2pt;">ta</span><span style="letter-spacing: -.25pt;">k</span>e<span style="letter-spacing: -.15pt;"> </span><span style="letter-spacing: -.2pt;">o</span>n<span style="letter-spacing: -.55pt;"> </span>a<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">lo</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">c</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 114%;">l </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">partne</span><span style="mso-font-width: 122%;">r<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt;">h</span><span style="letter-spacing: -.35pt;">ow</span><span style="letter-spacing: -.3pt;">ev</span><span style="letter-spacing: -.2pt;">e</span>r<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">concern</span>s<span style="letter-spacing: -.35pt;">
</span></span><span style="letter-spacing: -.35pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">er </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">la</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">c</span><span style="mso-font-width: 119%;">k<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">c</span><span style="letter-spacing: -.3pt; mso-font-width: 124%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">pacit</span><span style="mso-font-width: 124%;">y<span style="letter-spacing: -1.15pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: -.15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">industry </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">expertis</span><span style="mso-font-width: 123%;">e<span style="letter-spacing: -.85pt;"> </span><span style="letter-spacing: -.2pt;">mea</span>n<span style="letter-spacing: .05pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 105%;">M</span><span style="letter-spacing: -.3pt; mso-font-width: 105%;">y</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">anmar</span><span style="letter-spacing: -.75pt; mso-font-width: 123%;">’</span><span style="mso-font-width: 123%;">s </span><span style="letter-spacing: -.15pt;">f</span><span style="letter-spacing: -.25pt;">e</span>w<span style="letter-spacing: 1.75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">le</span><span style="letter-spacing: -.1pt; mso-font-width: 119%;">g</span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">itimat</span><span style="mso-font-width: 119%;">e<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.2pt;">loca</span>l<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">ene</span><span style="letter-spacing: -.25pt; mso-font-width: 124%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 109%;">gy </span><span style="mso-font-width: 118%;">f<span style="letter-spacing: -.2pt;">irm</span>s<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt;">wil</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">high</span><span style="letter-spacing: -.3pt; mso-font-width: 117%;">l</span><span style="mso-font-width: 117%;">y<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="mso-font-width: 140%;">t </span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">afte</span><span style="letter-spacing: -.9pt; mso-font-width: 125%;">r</span><span style="mso-font-width: 111%;">.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt; mso-font-width: 120%;">P</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">a<span style="letter-spacing: -.1pt;">r</span>ami<span style="letter-spacing: -.2pt;"> </span>ene<span style="letter-spacing: -.1pt;">r</span>gy<span style="letter-spacing: -.15pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">ecent<span style="letter-spacing: -.1pt;">l</span></span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 111%;">y </span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 122%;">signed<span style="letter-spacing: -.85pt;"> </span>a
p<span style="letter-spacing: -.1pt;">r</span>ofit-sharing<span style="letter-spacing: -1.2pt;"> </span>joint <span style="letter-spacing: -.1pt;">v</span>entu<span style="letter-spacing: -.1pt;">r</span>e<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.1pt;">a</span>g<span style="letter-spacing: -.1pt;">r</span>eement<span style="letter-spacing: .3pt;"> </span>with<span style="letter-spacing: -.4pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 117%;">In</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">dian<span style="letter-spacing: -.25pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif";">firm <span style="letter-spacing: .55pt;"><span style="mso-spacerun: yes;"> </span></span><span style="letter-spacing: -.2pt; mso-font-width: 80%;">J</span><span style="mso-font-width: 124%;">ubilant</span><span style="letter-spacing: .2pt;"> </span><span style="mso-font-width: 120%;">ene<span style="letter-spacing: -.1pt;">r</span>gy<span style="letter-spacing: -.15pt;"> </span></span><span style="mso-font-width: 127%;">and </span><span style="mso-font-width: 102%;">MOGE</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;"> </span>to<span style="letter-spacing: 1.65pt;"> </span><span style="mso-font-width: 117%;">explo<span style="letter-spacing: -.1pt;">r</span>e<span style="letter-spacing: .2pt;"> </span>for
</span><span style="mso-font-width: 122%;">onsho<span style="letter-spacing: -.1pt;">r</span>e<span style="letter-spacing: -.05pt;"> </span></span>oil<span style="letter-spacing: 1.2pt;"> </span><span style="mso-font-width: 127%;">and<span style="letter-spacing: -.35pt;"> </span></span><span style="mso-font-width: 122%;">gas<span style="mso-spacerun: yes;"> </span>in the PSC-I block in Areyarwady region in
Southern Myanmar and are teaming up with Vietnamese-Russian</span><span style="letter-spacing: .2pt;"> </span><span style="mso-font-width: 112%;">oil </span><span style="letter-spacing: -.1pt; mso-font-width: 124%;">v</span><span style="mso-font-width: 124%;">entu<span style="letter-spacing: -.1pt;">r</span>e<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.45pt; mso-font-width: 97%;">V</span><span style="mso-font-width: 120%;">iets<span style="letter-spacing: -.2pt;">o</span></span><span style="mso-font-width: 122%;">vPet<span style="letter-spacing: -.1pt;">r</span></span><span style="mso-font-width: 114%;">o</span><span style="letter-spacing: .2pt;"> </span>to<span style="letter-spacing: 1.65pt;"> </span><span style="mso-font-width: 117%;">bid </span>for<span style="letter-spacing: 1.8pt;"> </span><span style="mso-font-width: 116%;">blo<span style="letter-spacing: -.1pt;">c</span>ks<span style="letter-spacing: .05pt;"> </span></span>in<span style="letter-spacing: 1.5pt;">
</span><span style="mso-font-width: 124%;">the<span style="letter-spacing: .2pt;"> </span>upcoming
</span><span style="letter-spacing: -.1pt; mso-font-width: 127%;">r</span><span style="mso-font-width: 122%;">ound. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">Bu</span><span style="color: black; font-family: "Arial","sans-serif";">t<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">no</span><span style="mso-font-width: 126%;">t<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt;">al</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">loca</span><span style="mso-font-width: 118%;">l<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">firm</span>s<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">will </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">h</span><span style="letter-spacing: -.45pt; mso-font-width: 124%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 124%;">v</span><span style="mso-font-width: 124%;">e<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e <span style="letter-spacing: -.2pt;">necessar</span>y<span style="letter-spacing: -.9pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">experi</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">enc</span><span style="mso-font-width: 121%;">e<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">o</span>r<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">c</span><span style="letter-spacing: -.3pt;">a</span><span style="letter-spacing: -.2pt;">pacit</span>y<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">equi</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">e</span>d<span style="letter-spacing: .15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="mso-font-width: 114%;">o </span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">ppea</span><span style="mso-font-width: 125%;">r<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">att</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">act</span><span style="letter-spacing: -.25pt;">i</span><span style="letter-spacing: -.3pt;">v</span>e<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">potential </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">partner</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: 1.15pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">incomin</span>g<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">f</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="mso-font-width: 129%;">n </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">firm</span><span style="letter-spacing: -.4pt; mso-font-width: 120%;">s</span><span style="mso-font-width: 120%;">,<span style="letter-spacing: -1.15pt;"> </span><span style="letter-spacing: -.2pt;">particular</span><span style="letter-spacing: -.3pt;">l</span>y<span style="letter-spacing: .8pt;"> </span></span><span style="letter-spacing: -.15pt;">bi</span>g<span style="letter-spacing: 1.0pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">name </span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">m</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">ultinational</span><span style="letter-spacing: -.45pt; mso-font-width: 123%;">s</span><span style="mso-font-width: 123%;">,<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.2pt;">expert</span>s<span style="letter-spacing: -.35pt;">
</span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said, </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">pointin</span><span style="mso-font-width: 120%;">g<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">ou</span>t<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">loca</span>l<span style="letter-spacing: -.65pt;"> </span>f<span style="letter-spacing: -.2pt;">irm</span>s<span style="letter-spacing: -.75pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="mso-font-width: 140%;">t </span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">a</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">pp</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.4pt; mso-font-width: 121%;">o</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 121%;">d<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.3pt;">b</span>y<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">th</span><span style="mso-font-width: 118%;">e<span style="letter-spacing: .65pt;"> </span><span style="letter-spacing: -.2pt;">Ministr</span>y<span style="letter-spacing: -.9pt;">
</span></span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="mso-font-width: 111%;">f </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">E</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">ne</span><span style="letter-spacing: -.25pt; mso-font-width: 126%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="letter-spacing: -1.2pt; mso-font-width: 111%;">y</span><span style="mso-font-width: 111%;">. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">“</span><span style="color: black; font-family: "Arial","sans-serif";">I<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">beli</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">ev</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">the</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: .65pt;"> </span><span style="letter-spacing: -.2pt;">a</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">n</span><span style="letter-spacing: -.35pt;">o</span>w<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">up </span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.15pt;">6</span>0<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">loca</span><span style="mso-font-width: 120%;">l<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">companie</span>s<span style="letter-spacing: .4pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">ecogn</span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">ise</span><span style="mso-font-width: 119%;">d<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.3pt;">b</span>y<span style="letter-spacing: 1.05pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">th</span><span style="mso-font-width: 118%;">e<span style="letter-spacing: .65pt;"> </span><span style="letter-spacing: -.2pt;">Ene</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">g</span>y<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt;">Ministr</span>y<span style="letter-spacing: -.9pt;">
</span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="mso-font-width: 114%;">o </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">satisf</span><span style="mso-font-width: 122%;">y<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: .2pt;"> </span><span style="letter-spacing: -.2pt;">n</span><span style="letter-spacing: -.3pt;">e</span>w<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.2pt;">loca</span>l<span style="letter-spacing: -1.05pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 125%;">content </span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">q</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">M</span><span style="mso-font-width: 111%;">r<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.15pt;">D</span><span style="letter-spacing: -.3pt;">re</span>w<span style="letter-spacing: .4pt;"> </span><span style="letter-spacing: -.15pt;">f</span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="mso-font-width: 126%;">m T</span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">winz</span><span style="mso-font-width: 120%;">a</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 130%;">oi</span><span style="mso-font-width: 130%;">l<span style="letter-spacing: -.65pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 120%;">“T</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 124%;">hes</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 124%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 123%;">loca</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">l<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.2pt;">partner</span>s<span style="letter-spacing: .7pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 115%;">don</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 115%;">’</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 140%;">t </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 123%;">h</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.45pt; mso-font-width: 123%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 123%;">v</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">e<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.5pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">d</span><span style="color: black; font-family: "Arial","sans-serif";">o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">n</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">ythin</span><span style="mso-font-width: 121%;">g<span style="letter-spacing: .1pt;"> </span><span style="letter-spacing: -.2pt;">to</span>o<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">u</span><span style="letter-spacing: -.25pt; mso-font-width: 117%;">c</span><span style="mso-font-width: 129%;">h</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">th</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.05pt;"> </span><span style="letter-spacing: -.2pt;">basical</span><span style="letter-spacing: -.3pt;">l</span>y<span style="letter-spacing: -.9pt;"> </span></span><span style="letter-spacing: -.15pt;">ge</span>t<span style="letter-spacing: 1.75pt;"> </span><span style="mso-font-width: 124%;">a<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">f</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">e</span>e<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.2pt;">carry </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">n</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">ywhe</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">f</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">o</span>m<span style="letter-spacing: -.65pt;"> </span></span>3<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">pe</span><span style="mso-font-width: 124%;">r<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">cen</span>t<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="mso-font-width: 114%;">o </span>8<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.15pt;">pe</span>r
<span style="letter-spacing: .25pt;"><span style="mso-spacerun: yes;"> </span></span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">cen</span><span style="mso-font-width: 125%;">t<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">u</span>p<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 129%;">th</span><span style="mso-font-width: 129%;">e<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">d</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">elop</span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">men</span><span style="mso-font-width: 127%;">t<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 130%;">st</span><span style="letter-spacing: -.25pt; mso-font-width: 130%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">g</span><span style="letter-spacing: -.35pt; mso-font-width: 113%;">e</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt;">M</span>r<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">D</span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">re</span><span style="mso-font-width: 115%;">w<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">H</span><span style="color: black; font-family: "Arial","sans-serif";">e<span style="letter-spacing: 1.0pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">sai</span><span style="mso-font-width: 123%;">d<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">thi</span>s<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 128%;">ar</span><span style="letter-spacing: -.25pt; mso-font-width: 128%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">angement </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">migh</span><span style="mso-font-width: 124%;">t<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">no</span>t<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.15pt;">s</span>o<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">ell-</span><span style="letter-spacing: -.25pt; mso-font-width: 119%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">ece</span><span style="letter-spacing: -.2pt; mso-font-width: 117%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">ed </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">f</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">o</span><span style="mso-font-width: 121%;">m<span style="letter-spacing: -.8pt;"> A</span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">merica</span><span style="mso-font-width: 123%;">n</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">ene</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">g</span><span style="mso-font-width: 119%;">y<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 118%;">firm</span><span style="letter-spacing: -.35pt; mso-font-width: 118%;">s</span><span style="mso-font-width: 111%;">, </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">whi</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">c</span><span style="mso-font-width: 122%;">h<span style="letter-spacing: -.75pt;"> </span><span style="letter-spacing: -.2pt;">h</span><span style="letter-spacing: -.45pt;">a</span><span style="letter-spacing: -.3pt;">v</span>e<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">abid</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: -.4pt;"> </span></span><span style="letter-spacing: -.3pt; mso-font-width: 118%;">b</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">stric</span><span style="mso-font-width: 124%;">t<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">post-sanctio</span>n<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.25pt;">e</span><span style="letter-spacing: -.2pt;">port</span></span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">in</span><span style="mso-font-width: 115%;">g</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">equi</span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">ement</span><span style="letter-spacing: -.45pt; mso-font-width: 125%;">s</span><span style="mso-font-width: 125%;">,<span style="letter-spacing: -.85pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">including </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">disclosin</span><span style="mso-font-width: 119%;">g<span style="letter-spacing: -.85pt;"> </span><span style="letter-spacing: -.2pt;">detail</span>s<span style="letter-spacing: .3pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">n</span><span style="mso-font-width: 123%;">y<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">deals </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">wit</span><span style="mso-font-width: 122%;">h<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 102%;">MOGE</span><span style="mso-font-width: 111%;">,</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt;">i</span>f<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">thei</span><span style="mso-font-width: 125%;">r<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.35pt; mso-font-width: 129%;">n</span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 140%;">t </span><span style="letter-spacing: -.15pt;">i</span>s<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">mo</span><span style="letter-spacing: -.3pt; mso-font-width: 126%;">r</span><span style="mso-font-width: 126%;">e<span style="letter-spacing: -1.15pt;"> </span><span style="letter-spacing: -.2pt;">tha</span>n<span style="letter-spacing: .2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 109%;">US$500,000.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">“</span><span style="color: black; font-family: "Arial","sans-serif";">I<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">expec</span><span style="mso-font-width: 125%;">t<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.75pt;"> </span></span><span style="letter-spacing: -.9pt; mso-font-width: 97%;">Y</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">k</span><span style="mso-font-width: 123%;">s</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">m</span><span style="letter-spacing: -.45pt; mso-font-width: 123%;">a</span><span style="mso-font-width: 123%;">y<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">k</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.25pt; mso-font-width: 117%;">c</span><span style="mso-font-width: 114%;">k </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">u</span><span style="mso-font-width: 125%;">p<span style="letter-spacing: -.5pt;"> </span>a<span style="letter-spacing: -.45pt;"> </span><span style="letter-spacing: -.2pt;">fus</span>s<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">abou</span>t<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt;">thi</span><span style="letter-spacing: -.45pt;">s</span>,<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.2pt;">an</span>d<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">w</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">m</span><span style="letter-spacing: -.45pt; mso-font-width: 124%;">a</span><span style="mso-font-width: 124%;">y<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">no</span>t<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt;">b</span>e<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">su</span><span style="letter-spacing: -.3pt; mso-font-width: 123%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">prise</span><span style="mso-font-width: 123%;">d<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>f<span style="letter-spacing: .35pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">ge</span><span style="mso-font-width: 122%;">t<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">som</span>e<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt;">sor</span>t<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">exemptio</span><span style="mso-font-width: 122%;">n<span style="letter-spacing: -.4pt;"> </span></span>– <span style="letter-spacing: -.15pt;">let</span><span style="letter-spacing: -.75pt;">’</span>s <span style="letter-spacing: -.15pt;">se</span><span style="letter-spacing: -.35pt;">e</span><span style="letter-spacing: -.6pt;">,</span>”<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt;">M</span>r<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">D</span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">re</span><span style="mso-font-width: 115%;">w<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">M</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.35pt; mso-font-width: 120%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 120%;">anmar</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.9pt; mso-font-width: 120%;">’</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 120%;">s<span style="letter-spacing: -1.0pt;"> </span><span style="letter-spacing: -.2pt;">luc</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">at</span><span style="letter-spacing: -.25pt;">i</span><span style="letter-spacing: -.3pt;">v</span>e<span style="letter-spacing: .2pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">oi</span><span style="color: black; font-family: "Arial","sans-serif";">l<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">and </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">ga</span><span style="mso-font-width: 122%;">s<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">industr</span>y
<span style="letter-spacing: -.2pt;">ha</span>s<span style="letter-spacing: .1pt;">
</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ece</span><span style="letter-spacing: -.25pt;">i</span><span style="letter-spacing: -.3pt;">v</span><span style="letter-spacing: -.2pt;">e</span>d<span style="letter-spacing: -1.2pt;"> </span></span><span style="letter-spacing: -.35pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 127%;">r </span><span style="letter-spacing: -.15pt;">9</span>0<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt;">pe</span>r
<span style="letter-spacing: .25pt;"><span style="mso-spacerun: yes;"> </span></span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">cen</span><span style="mso-font-width: 125%;">t<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">fo</span><span style="letter-spacing: -.3pt; mso-font-width: 117%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">eig</span><span style="mso-font-width: 117%;">n<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">di</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">ect </span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">i</span><span style="letter-spacing: -.45pt; mso-font-width: 125%;">n</span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">estmen</span><span style="mso-font-width: 125%;">t<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">pas</span><span style="mso-font-width: 127%;">t<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">decade</span><span style="letter-spacing: -.35pt; mso-font-width: 122%;">s</span><span style="mso-font-width: 111%;">, </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">most</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">l</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">f</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">o</span>m<span style="letter-spacing: -.8pt;"> T</span></span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">hailan</span><span style="mso-font-width: 124%;">d</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">and </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">China</span><span style="mso-font-width: 120%;">,<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">a</span>s<span style="letter-spacing: -.05pt;"> </span></span><span style="letter-spacing: -.15pt;">it</span>s<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">neighbour</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">seek </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">solution</span><span style="mso-font-width: 123%;">s<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.5pt;"> </span><span style="letter-spacing: -.2pt;">thei</span>r<span style="letter-spacing: -.15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.3pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 107%;">g </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">ene</span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">g</span><span style="mso-font-width: 121%;">y<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">demand</span><span style="letter-spacing: -.4pt;">s</span>,<span style="letter-spacing: .3pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.3pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.25pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 111%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="mso-font-width: 127%;">r </span><span style="letter-spacing: -.3pt; mso-font-width: 126%;">m</span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">u</span><span style="letter-spacing: -.3pt; mso-font-width: 126%;">c</span><span style="mso-font-width: 126%;">h<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt;">it</span>s<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">offsho</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">eser</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">v</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">es </span><span style="letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">emain</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: .55pt;"> </span><span style="letter-spacing: -.2pt;">la</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ge</span><span style="letter-spacing: -.3pt;">l</span>y<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.15pt;">unexplo</span><span style="letter-spacing: -.25pt;">r</span></span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">ed.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 87%;">“</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 102%;">M</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 111%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 126%;">m</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 127%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 128%;">ha</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 128%;">s<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: -.5pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 122%;">p</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 114%;">l </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">t</span><span style="color: black; font-family: "Arial","sans-serif";">o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">contribut</span><span style="mso-font-width: 124%;">e<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">satisfyin</span><span style="mso-font-width: 119%;">g<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">the </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">ene</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">g</span><span style="mso-font-width: 120%;">y<span style="letter-spacing: -.6pt;"> </span><span style="letter-spacing: -.2pt;">short</span><span style="letter-spacing: -.3pt;">a</span><span style="letter-spacing: -.2pt;">g</span>e<span style="letter-spacing: .4pt;"> </span><span style="letter-spacing: -.2pt;">i</span>n<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.2pt;">Indi</span>a<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="mso-font-width: 122%;">d </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">China</span><span style="mso-font-width: 120%;">,<span style="letter-spacing: -1.05pt;"> </span><span style="letter-spacing: -.2pt;">bu</span>t<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: -.2pt;">need</span>s<span style="letter-spacing: .15pt;"> </span>a<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt;">lo</span>t<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 117%;">ex</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">plo</span><span style="letter-spacing: -.3pt; mso-font-width: 122%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">atio</span><span style="mso-font-width: 122%;">n<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">w</span><span style="letter-spacing: -.15pt; mso-font-width: 116%;">ork</span><span style="letter-spacing: -.6pt; mso-font-width: 116%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt;">M</span>r<span style="letter-spacing: .8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 115%;">D</span><span style="letter-spacing: -.3pt; mso-font-width: 115%;">re</span><span style="mso-font-width: 115%;">w<span style="letter-spacing: -.35pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said, </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 122%;">d</span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">din</span><span style="mso-font-width: 122%;">g<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">th</span>e<span style="letter-spacing: .15pt;"> </span><span style="letter-spacing: -.2pt;">la</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">g</span>e<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">ga</span>s<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.15pt;">p</span></span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="mso-font-width: 114%;">l </span><span style="letter-spacing: -.35pt; mso-font-width: 121%;">w</span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">a</span><span style="mso-font-width: 121%;">s<span style="letter-spacing: -.45pt;"> </span></span><span style="letter-spacing: -.15pt;">i</span>n<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">th</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: .2pt;"> </span><span style="letter-spacing: -.2pt;">offsho</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -1.0pt;"> R</span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">akhine </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">de</span><span style="letter-spacing: -.25pt; mso-font-width: 123%;">e</span><span style="mso-font-width: 123%;">p<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.2pt;">ate</span>r<span style="letter-spacing: -.25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 128%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 128%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">ea</span><span style="letter-spacing: -.35pt; mso-font-width: 124%;">s</span><span style="mso-font-width: 111%;">. </span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 87%;">“T</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">e</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">p</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 121%;">r</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 121%;">oble</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 121%;">m<span style="letter-spacing: -.35pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">i</span><span style="color: black; font-family: "Arial","sans-serif";">s<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 134%;">tha</span><span style="mso-font-width: 134%;">t<span style="letter-spacing: -.75pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">h</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.15pt;">i</span>s<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 126%;">su</span><span style="letter-spacing: -.3pt; mso-font-width: 126%;">c</span><span style="mso-font-width: 126%;">h<span style="letter-spacing: -.7pt;"> </span><span style="letter-spacing: -.2pt;">littl</span>e<span style="letter-spacing: -1.0pt;"> </span><span style="letter-spacing: -.2pt;">ha</span><span style="letter-spacing: -.4pt;">r</span>d<span style="letter-spacing: -.3pt;"> </span><span style="letter-spacing: -.2pt;">dat</span>a<span style="letter-spacing: -.1pt;"> </span></span><span style="letter-spacing: -.15pt;">o</span>n<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">the </span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">a</span><span style="letter-spacing: -.3pt; mso-font-width: 124%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">ea</span><span style="mso-font-width: 124%;">,<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.2pt;">the</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">efo</span><span style="letter-spacing: -.3pt;">r</span>e<span style="letter-spacing: -.65pt;"> </span></span><span style="letter-spacing: -.15pt;">it</span><span style="letter-spacing: -.75pt;">’</span>s<span style="letter-spacing: 1.2pt;"> </span><span style="letter-spacing: -.25pt;">v</span><span style="letter-spacing: -.15pt;">er</span>y
<span style="letter-spacing: -.15pt; mso-font-width: 115%;">dif</span><span style="mso-font-width: 120%;">f<span style="letter-spacing: -.2pt;">icul</span>t<span style="letter-spacing: -.8pt;"> </span><span style="letter-spacing: -.2pt;">t</span>o<span style="letter-spacing: -.25pt;"> </span><span style="letter-spacing: -.2pt;">justif</span>y<span style="letter-spacing: -.5pt;"> </span>a<span style="letter-spacing: -.2pt;"> hig</span>h<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt;">bi</span>d<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 121%;">i</span><span style="mso-font-width: 121%;">n<span style="letter-spacing: -.5pt;"> </span></span><span style="mso-font-width: 129%;">a
</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">competit</span><span style="letter-spacing: -.25pt; mso-font-width: 120%;">i</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">v</span><span style="mso-font-width: 120%;">e<span style="letter-spacing: -.2pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 124%;">p</span><span style="letter-spacing: -.25pt; mso-font-width: 124%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 119%;">oces</span><span style="letter-spacing: -.35pt; mso-font-width: 119%;">s</span><span style="letter-spacing: -.6pt; mso-font-width: 111%;">,</span><span style="mso-font-width: 87%;">”</span><span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.15pt;">h</span>e<span style="letter-spacing: 1.8pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 120%;">said.</span></span></div>
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<span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 123%;">Althoug</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">h</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.1pt;"> </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 105%;">M</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 105%;">y</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt; mso-font-width: 123%;">anmar</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.75pt; mso-font-width: 123%;">’</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 123%;">s </span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 126%;">unt</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.3pt; mso-font-width: 126%;">a</span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.2pt; mso-font-width: 126%;">ppe</span><span style="color: black; font-family: "Arial","sans-serif"; mso-font-width: 126%;">d<span style="letter-spacing: -.4pt;"> </span></span><span style="color: black; font-family: "Arial","sans-serif"; letter-spacing: -.15pt;">oi</span><span style="color: black; font-family: "Arial","sans-serif";">l<span style="letter-spacing: .9pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">an</span><span style="mso-font-width: 127%;">d<span style="letter-spacing: -.55pt;"> </span></span><span style="letter-spacing: -.15pt;">ga</span>s<span style="letter-spacing: 1.9pt;"> </span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">industry </span><span style="letter-spacing: -.15pt;">wil</span>l<span style="letter-spacing: 1.5pt;"> </span><span style="letter-spacing: -.15pt;">n</span>o<span style="letter-spacing: 1.65pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 127%;">doub</span><span style="mso-font-width: 127%;">t<span style="letter-spacing: -1.2pt;"> </span><span style="letter-spacing: -.2pt;">att</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ac</span>t<span style="letter-spacing: .25pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">sub</span><span style="letter-spacing: -.2pt; mso-font-width: 124%;">stantia</span><span style="mso-font-width: 124%;">l<span style="letter-spacing: .3pt;"> </span><span style="letter-spacing: -.2pt;">inte</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">es</span>t<span style="letter-spacing: .05pt;"> </span><span style="letter-spacing: -.2pt;">f</span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">o</span>m<span style="letter-spacing: -1.0pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 111%;">f</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="mso-font-width: 129%;">n </span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">i</span><span style="letter-spacing: -.4pt; mso-font-width: 120%;">n</span><span style="letter-spacing: -.3pt; mso-font-width: 120%;">v</span><span style="letter-spacing: -.2pt; mso-font-width: 120%;">estor</span><span style="letter-spacing: -.4pt; mso-font-width: 120%;">s</span><span style="mso-font-width: 120%;">,<span style="letter-spacing: -.65pt;"> </span><span style="letter-spacing: -.9pt;">W</span><span style="letter-spacing: -.2pt;">ester</span>n<span style="letter-spacing: .25pt;"> </span><span style="letter-spacing: -.2pt;">firm</span>s<span style="letter-spacing: -.7pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 127%;">m</span><span style="letter-spacing: -.35pt; mso-font-width: 127%;">a</span><span style="mso-font-width: 111%;">y </span><span style="letter-spacing: -.2pt; mso-font-width: 123%;">b</span><span style="mso-font-width: 123%;">e<span style="letter-spacing: -.85pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">eluctan</span>t<span style="letter-spacing: .85pt;"> </span></span><span style="letter-spacing: -.15pt;">t</span>o<span style="letter-spacing: 1.35pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 128%;">ente</span><span style="mso-font-width: 128%;">r<span style="letter-spacing: -.65pt;"> </span>a<span style="letter-spacing: -.6pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">country </span><span style="letter-spacing: -1.05pt; mso-font-width: 241%;">T</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 122%;">p</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 121%;">e</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="letter-spacing: -.3pt; mso-font-width: 117%;">c</span><span style="mso-font-width: 111%;">y</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.15pt;">I<span style="mso-font-width: 129%;">n</span><span style="mso-font-width: 140%;">t</span><span style="mso-font-width: 121%;">e</span><span style="mso-font-width: 127%;">r</span><span style="mso-font-width: 129%;">na</span><span style="mso-font-width: 140%;">t</span><span style="mso-font-width: 106%;">i</span><span style="mso-font-width: 114%;">o</span><span style="mso-font-width: 129%;">na</span></span><span style="mso-font-width: 114%;">l </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">(Germa</span><span style="letter-spacing: -.3pt; mso-font-width: 119%;">n</span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">y-base</span><span style="mso-font-width: 119%;">d<span style="letter-spacing: -.15pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">non-p</span><span style="letter-spacing: -.25pt; mso-font-width: 123%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 113%;">ofit </span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">r</span><span style="letter-spacing: -.15pt; mso-font-width: 107%;">g</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">s</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">a</span><span style="letter-spacing: -.15pt; mso-font-width: 140%;">t</span><span style="letter-spacing: -.15pt; mso-font-width: 106%;">i</span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 94%;">)</span><span style="letter-spacing: -.1pt;"> </span><span style="letter-spacing: -.3pt; mso-font-width: 125%;">r</span><span style="letter-spacing: -.2pt; mso-font-width: 125%;">ank</span><span style="mso-font-width: 125%;">s<span style="letter-spacing: -.55pt;"> </span><span style="letter-spacing: -.2pt;">a</span>s<span style="letter-spacing: -.5pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 114%;">o</span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">n</span><span style="mso-font-width: 121%;">e </span><span style="letter-spacing: -.15pt;">o</span>f<span style="letter-spacing: .75pt;"> </span><span style="letter-spacing: -.2pt; mso-font-width: 118%;">th</span><span style="mso-font-width: 118%;">e<span style="letter-spacing: .65pt;"> </span><span style="letter-spacing: -.35pt;">w</span><span style="letter-spacing: -.2pt;">orld</span><span style="letter-spacing: -.9pt;">’</span>s<span style="letter-spacing: -.95pt;"> </span><span style="letter-spacing: -.2pt;">mos</span>t<span style="letter-spacing: .55pt;"> </span></span><span style="letter-spacing: -.15pt; mso-font-width: 123%;">corrupt, </span><span style="letter-spacing: -.2pt; mso-font-width: 122%;">despit</span><span style="mso-font-width: 122%;">e<span style="letter-spacing: -.35pt;"> </span><span style="letter-spacing: -.2pt;">it</span>s<span style="letter-spacing: -.4pt;"> </span><span style="letter-spacing: -.3pt;">r</span><span style="letter-spacing: -.2pt;">ecen</span>t<span style="letter-spacing: .2pt;"> p</span><span style="letter-spacing: -.2pt;">olitica</span>l<span style="letter-spacing: -1.2pt;">
</span></span><span style="letter-spacing: -.15pt; mso-font-width: 129%;">an</span><span style="mso-font-width: 122%;">d </span><span style="letter-spacing: -.2pt; mso-font-width: 119%;">economi</span><span style="mso-font-width: 119%;">c<span style="letter-spacing: -.3pt;"> </span></span><span style="letter-spacing: -.25pt; mso-font-width: 127%;">reforms.</span></span></div>
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<span style="font-family: "Arial","sans-serif";">This article
first appeared in the Myanmar Times “Energy Spotlight” supplement on 20 August
2012<a href="http://www.mmtimes.com/2012/feature/640/energy2012.pdf">: http://www.mmtimes.com/2012/feature/640/energy2012.pdf</a></span></div>
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BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-50342790728700759382012-08-20T03:21:00.000-07:002012-08-20T03:36:15.197-07:00Joint Ventures Could be Key to Development Success<br />
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<span style="font-family: "Times New Roman","serif"; font-size: 12.0pt; line-height: 115%;"> </span><b><span style="font-family: "Arial","sans-serif"; font-size: 14.0pt; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">Joint ventures could be key to development success</span></b></h2>
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<span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">The Myanmar Times</span></div>
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<span style="font-family: "Arial","sans-serif"; mso-fareast-font-family: "Times New Roman"; mso-fareast-language: EN-AU;">20 August 2012 </span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Arial","sans-serif";">By
Victoria Bruce</span></b></div>
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<span style="font-family: "Arial","sans-serif";">Myanmar’s oil and gas sector opens up
to foreign investment, incoming firms will need to team up with local joint
venture partners to tap opportunities in the lucrative industry.</span></div>
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<span style="font-family: "Arial","sans-serif";">An influx of international firms, bringing
with them new techniques and technology, could boost the local industry and
many Myanmar firms are jostling to team up with</span></div>
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<span style="font-family: "Arial","sans-serif";">international partners, industry experts
said.</span></div>
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<span style="font-family: "Arial","sans-serif";">Some big industry names such as Malaysia’s
Petronas and Thailand venture PPTEP rose to global prominence through joint
ventures, said an executive from American drilling services firm Weatherford. “Most
National Oil Companies in Asia get foreign firms to invest by means of a
Production Sharing Contract (PSC) – which is an elegant name for a joint venture,”
the executive said.</span></div>
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<span style="font-family: "Arial","sans-serif";">“Joint ventures are good for the local
industry and Weatherford is all for making the local industry stronger and
broader,” he said. “Petronas, Pertamina, PTTE P and PetroVietnam all grew to
what they are today through the PSC mechanism, so in that way one could
conclude</span></div>
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<span style="font-family: "Arial","sans-serif";">that joint ventures with local partners
has been a stirring success,” the Weatherford executive said. </span></div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-Au7D_oXiWNU/UDIOa3fW7ZI/AAAAAAAAACI/zt9vx8lKOfo/s1600/Oil-Rig-1.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="268" src="http://4.bp.blogspot.com/-Au7D_oXiWNU/UDIOa3fW7ZI/AAAAAAAAACI/zt9vx8lKOfo/s400/Oil-Rig-1.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Energy firms are looking at opportunities to enter Myanmar's offshore oil and gas fields. Photo: Internet</td></tr>
</tbody></table>
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<span style="font-family: "Arial","sans-serif";"> Myanmar’s four big offshore ventures in
the Yadana, Yetagun, Shwe and Zawtika gas fields are held by consortiums of
heavyweights, such as France’s Total, America’s Chevron</span></div>
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<span style="font-family: "Arial","sans-serif";">and Thai firm PTTE P’s joint venture partnership
with MOGE for the Yadana project in Myanmar’s south. </span></div>
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<span style="font-family: "Arial","sans-serif";">And while Myanmar energy firms have a
long way to go before they reach heavyweight status, pairing up with
international firms could provide great opportunities to build</span></div>
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<span style="font-family: "Arial","sans-serif";">their knowledge and expertise in the burgeoning
industry.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“There are tremendous opportunities for
technology and knowledge transfer,” said U Moe Myint, chief executive officer of
local oil and gas exploration firm MPRL. “I very much welcome the Ministry’s directive
in having foreign investors to partner with local companies in order to qualify
for onshore and offshore bidding,” U Moe Myint said. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Multinational firms such
as Total, which has been operating in the country since 1992, frequently offer training programs to joint venture partners
and contractors, thus ensuring knowledge transfer is not restricted to local
employees, the company said. “TE PM has … worked closely with its contractors and with MOGE in training
personnel and helping them to gain new experience and access to cutting-edge
technology and modern management methods,” said Namita SHAH, General Manager of Total
E&P Myanmar.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">There are now more than 60 local companies
registered with the Ministry of Energy which can act as local partners in joint
venture arrangements with foreign firms, an official</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">from the Myanma Oil and Gas Enterprise
told The Myanmar Times. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Previously foreign firms could enter the industry with
100 percent foreign ownership, the official said however the requirement to
take a local partner, on top of a production sharing contract with MOGE, has been in place since President Thein Sein’s
government came to power in late 2010.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Privately owned local firm Parami Energy,
part of Parami Group of Companies, is keen to join forces with international
partners and learn from their expertise, said the company’s chief executive
officer and president, U Ken Tun. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Joint venturing with reputable foreign firms
is a good way for Parami to expand further into the lucrative oil and gas
sector, U Ken Tun said, adding established foreign firms could
provide new and improved technology as well as knowledge and expertise.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“New technology, capability and reputation
are the three most important things a foreign partner can bring,” U Ken Tun
said. “There are many Myanmar firms keen to learn how to improve their business
standards and practices and they can do this through engagement with a reputable
foreign partner.” </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Parami recently signed a Memorandum of Understanding (MOU) with
Russian-Vietnamese venture Vietsovpetro to bid in the upcoming international
tender and if they are successful in winning a block, Parami hopes to become
the operator and majority shareholder. The company
is also the minority partner of PSC-I block in the Ayeyarwady Region in
Southern Myanmar, which it won with Indian firm Jubilant Energy in last year’s
onshore bidding round.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Dr Aung Thura, chief executive officer
of local research and consultancy firm Thura Swiss said the joint venture model
was a government policy to ensure that local companies gain in technical knowledge and expertise
and can have their share in the oil and gas industry.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“Government policies to bolster the
local industry are normal in many countries, especially in the oil & gas
industry,” said Dr Thura, adding many countries in the Middle East have more
protected markets than Myanmar. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“Nevertheless, I don’t think that it is
necessarily a disadvantage for foreign companies to form a joint venture with a
local company. If the foreign company finds the right partner,
the joint venture will benefit from local experience and a good network,” Dr
Thura said. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">And choosing the right joint venture partner may pose a challenge for many
foreign firms, since little is known about the background of the myriad of
local firms operating in Myanmar’s energy sector.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Although Myanmar’s Ministry of Energy
has more than 60 local companies on its books which could act as local
partners, experts say big name multinationals will prefer to partner with
well-known, reputable local firms to ensure compliance with international law
and to guarantee they don’t fall foul of sanctions requirements.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">American firms in particular<span style="mso-spacerun: yes;"> </span>need to do their homework and pay close
attention to US compliance requirements, such as ensuring their local partner
does not have links to individuals on targeted sanctions blacklists. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“In terms
of dealing with Myanmar business partners, I would advise foreign investors to
perform their technical, legal and accounting due diligence carefully and thoroughly,” said
U Moe Myint from MPRL. “However, it is imperative from a long term strategic
partnership point of view for companies to align with Myanmar business partners
with a proven track record, preferably in the oil and gas sector, and if not,
with companies which have transparent and successful track record of managing
their business,” he said. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The US Government maintains a list of
individuals and companies with close links to Myanmar’s former military regime
and American firms are forbidden to engage with these entities. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">US heavyweights
tipped to be scoping out opportunities in Myanmar include operators Chevron, ExxonMobil
and ConocoPhillips, as well as drilling services companies</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Weatherford, Halliburton and Schlumberger,
industry insiders said. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“Foreign oil companies that are considering
operating in Myanmar are required to partner with a local company and this
demands a thorough due-diligence process by US companies,” <span style="mso-spacerun: yes;"> </span>aid Dr Aung Thura, chief executive officer of
Myanmar research and consultancy firm Thura Swiss. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">Incoming firms can greatly mitigate
any reputational, financial and legal risks with the right due diligence, Dr
Thura said. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">“We would advise them to contact a local company (like Thura Swiss)
that offers a due-diligence not only on financial matters but also on compliance
issues and reputation of possible partners,” Dr Thura said. </span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">The longer a local
firm has been operating in Myanmar, the greater the
risk of them having links to the international government blacklists, Dr Thura
explained, noting Myanmar was only recently emerging from a strictly regulated business environment
under the former military government.</span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormal" style="line-height: 150%; margin-bottom: .0001pt; margin-bottom: 0cm; mso-layout-grid-align: none; text-autospace: none;">
<span style="font-family: "Arial","sans-serif";">While experts agree joint ventures add an extra element
on risk <span style="color: black;">to any project, thorough due diligence will assist
in mitigating these risks and increased competition in the oil and gas industry
will ensure that over time, as Myanmar continues to open up to foreign
investment, the country’s best firms rise to the top.</span></span></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<div class="MsoNormalCxSpMiddle" style="line-height: 150%; mso-add-space: auto; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-family: "Arial","sans-serif";">This article first appeared in the Myanmar Times "Energy Spotlight" supplement on 20 August 2012: <a href="http://www.mmtimes.com/2012/feature/640/energy2012.pdf">http://www.mmtimes.com/2012/feature/640/energy2012.pdf</a> </span></div>
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</h2>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-37841671036300762122012-08-15T03:18:00.001-07:002012-08-15T03:18:37.256-07:00Foreign investment may be restricted under new laws<div style="width: 500px;">
<h1 class="postheadline">
<span>Foreign investment may be restricted under new laws</span></h1>
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<div class="authorsingle" style="width: 500px;">
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<span>
By KATE KELLY</span><br /><small><span>Published: 15 August 2012</span></small></div>
<div class="authorsingle" style="width: 500px;">
<small><span>The Democratic Voice of Burma </span></small></div>
<img align="right" alt="To match Insight MYANMAR-BANKS/" class="attachment-495x495 wp-post-image" height="453" src="http://www.dvb.no/wp-content/uploads/2012/08/money-counters-495x453.jpg" style="border: 0px solid #000000; padding: 0px; width: 495px;" title="" width="495" /> <br /><div class="author">
<span>Workers count Burma's kyat banknotes at the office of a local bank in Rangoon on 2 April 2012. (Reuters)</span></div>
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<div class="content-styles" style="position: relative; top: -20px;">
<span>Burma’s new foreign investment law may be more
restrictive than its predecessor, experts said, after an updated draft
of the much-anticipated foreign direct investment (FDI) bill was leaked
to Reuters last week.</span><br />
<span>Experts have labelled the government’s move to limit foreign
investment in certain sectors as “retrograde” and fear protectionist
economic policies, aimed at sheltering domestic markets, could inhibit
the impoverished country’s future socioeconomic growth.</span><br />
<span>The new draft moves to restrict 100 percent foreign ownership
in certain sectors and bans investment in “small and medium industries
and enterprises; agricultural and livestock business being carried on by
local business people; retail business and small to medium service
enterprises,” according to Reuters.</span><br />
<span>“This is an example of the ‘creeping protectionism’ many of us
have feared,” said Australian economist and Burma expert Sean Turnell.</span><br />
<span>“It is so important that, at this critical juncture, Myanmar
[Burma] does not lock its economy up in the clutches of old vested
interests,” said Turnell.</span><br />
<span>Burma has been going through a series of economic and political
reforms aimed at attracting foreign investment to the impoverished
Southeast Asian state; however, these latest updates to the foreign
investment law may do little to encourage the confidence of foreign
investors.</span><br />
<span>The proposed restrictions to foreign investment could alleviate
some of the fears voiced by domestic firms that the new investment law
will favour foreign competitors; however, experts warn that protecting
the domestic market in the short term will not result in healthy,
long-term economic growth.</span><br />
<span>Jared Bissinger, a PhD candidate at Australia’s Macquarie
University studying Burma’s economy, said the best medicine to
kick-start the country’s economy, crippled from more than 50 years of
economic mismanagement, is to adopt policies that create a fair,
predictable and stable business environment from which everyone enjoys
some benefits.</span><br />
<span>“If you keep restricting competition, what incentives will
there be for these local companies to ever become strong enough to
compete against foreign investors,” said Bissinger.</span><br />
<span>He said lack of funding is one of the major concerns voiced by
domestic enterprises, but this could be improved if future reforms
permit greater freedom within Burma’s financial sector, which would
allow banks to better support the private businesses and stimulate
economic growth.</span><br />
<span>“There is certainly justification for some of the feeling among local businesses,” said Bissinger.</span><br />
<span>“When it comes to access to credit, for example, they’d be at a huge disadvantage compared to international competitors.”</span><br />
<span>But local firms that play their cards right will find they have
a lot in their favour, such as essential knowledge of local markets and
an understanding of the bureaucratic challenges in post-sanction Burma.</span><br />
<span>“A compromise solution might entail allowing some protections
in certain areas, but only for a specified length of time,” said
Bissinger.</span><br />
<span>While the Burmese government is balancing the need to firm up
the details of its foreign investment law to give greater confidence to
international investors, such an important piece of legislation takes
time to get right, said Maung Maung Lay from the Union of Myanmar
Federated Chambers of Commerce and Industry (UMFCCI).</span><br />
<span>“There’s no need to rush with all the mistakes – that will tarnish the image of the government,” said Maung Maung Lay.</span><br />
<span>“This should not be [an] on again – off again policy like our
electricity. It will be frustrating for the potential investors who are
not here merely to gamble,” he said.</span><br />
<span>Maung Maung Lay said the government is fine tuning certain
aspects of the new law to “alleviate the concerns of the locals and get
input from all the stakeholders.”</span><br />
<span>The foreign direct investment (FDI) amendment bill builds on
existing legislation enacted in 1988 and is tipped to permit foreign
investors to expand their presence in joint ventures by allowing them to
invest within the public or private sector.</span><br />
<span>The bill is also likely to increase land lease terms and extend tax holidays to five years.</span><br />
<span>In an earlier draft of the FDI bill, foreigners could lease
land for 30 years and would be allowed two 15-year extensions, compared
to an updated period of 50 years extendable for two 10-year terms,
depending on the nature of the business and the size of the investment.</span><br />
<span>And while some investors will be waiting for details contained
in the new foreign investment law to be officially announced before
firming up their own investment decisions, its importance should not be
overstated, said Turnell.</span><br />
<span>“Countries are always ‘tweaking’ their investment laws, and we should not see this as the ‘be all and end all’,” he said.</span><br />
<span>Turnell claims the FDI law was an important signalling device
to international investors that Burma is a reliable place to do
business.</span><br />
<span>“But the most important thing is that the law progresses in a
way that creates confidence in the process in which it is made, and that
the law itself be sound and reasonable,” said Turnell.</span><br />
<span>“It does not have to be, and should not be, excessively
generous to international investors, especially in areas (such as
resource and energy extraction) where they will come anyway.</span><br />
<span>“On the other hand, it is also important that the law not be
the vehicle to protect vested interests at the expense of the broader
good,” said Turnell.</span><br />
<span>New FDI law or old, foreign investors remain faced with the
many challenges that come with doing business in Burma, including the
lack of legal or physical infrastructure as well as a crippled banking
sector, an untested judicial system and layers of bureaucratic red tape.</span><br />
<span>According to government sources, the FDI law will likely be debated in parliament this month, according to government sources.</span><br />
<em><span>-Kate Kelly is a pseudonym for a journalist working inside Burma.</span></em><br />
<br />
<em><span>This article first appeared on the Democratic Voice of Burma website on August 15, 2012:</span></em><br />
<em><span><a href="http://www.dvb.no/news/foreign-investment-may-be-restricted-under-new-laws/23327#.UCtzdokEqBA.email">http://www.dvb.no/news/foreign-investment-may-be-restricted-under-new-laws/23327#.UCtzdokEqBA.email</a> </span></em><br />
</div>
<b><span>Tags:</span></b> <a href="http://www.dvb.no/tag/banking" rel="tag">banking</a><span>, </span><a href="http://www.dvb.no/tag/credit" rel="tag">credit</a><span>, </span><a href="http://www.dvb.no/tag/economics" rel="tag">economics</a><span>, </span><a href="http://www.dvb.no/tag/fdi" rel="tag">fdi</a><span>, </span><a href="http://www.dvb.no/tag/foreign-investment" rel="tag">foreign investment</a><span>, </span><a href="http://www.dvb.no/tag/reform" rel="tag">reform</a><span>, </span><a href="http://www.dvb.no/tag/sean-turnell" rel="tag">Sean Turnell</a><br />
<div class="post-tools">
<span>
Author: </span><a href="http://www.dvb.no/author/kate-kelly" rel="author" title="Posts by KATE KELLY">KATE KELLY</a><span> Category: </span><a href="http://www.dvb.no/category/news/economics-news" rel="category tag" title="View all posts in Economics">Economics</a><span>, </span><a href="http://www.dvb.no/category/news" rel="category tag" title="View all posts in News">News</a> </div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-13168659393176338902012-08-13T04:56:00.001-07:002012-08-13T21:32:18.176-07:00Post-sanction Myanmar a tough place to do business<h2 class="entry-title">
Post-sanction Myanmar a tough place to do business</h2>
<div class="entry-meta author byline">
By Victoria Bruce, an Australian freelance journalist working in Myanmar</div>
<div class="entry-meta author byline">
13 August 2012</div>
<div class="entry-meta author byline">
Crikey</div>
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<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://3.bp.blogspot.com/-cZ94bi304rM/UCnOf34-l0I/AAAAAAAAAB4/NCwISAKKdyg/s1600/DSC_0479.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="266" src="http://3.bp.blogspot.com/-cZ94bi304rM/UCnOf34-l0I/AAAAAAAAAB4/NCwISAKKdyg/s400/DSC_0479.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Post-sanction Myanmar is preparing for an economic resurgence ... Photo: Victoria Bruce</td></tr>
</tbody></table>
</div>
Post-sanction Myanmar is preparing for an economic resurgence as
Western governments give the all-clear for re-engagement with the
impoverished nation, viewed by investors as south-east Asia’s final
frontier market.<br />
Myanmar has been welcomed back into the fold after more than 50 years
of isolation, stagnation and economic mismanagement under a brutal
military regime following its transition to a quasi-civilian
government. In recent months Western nations, including Australia, have
stepped up aid commitments and moved to ease punitive sanctions against
Myanmar (also called Burma) to pave the way for greater foreign
investment in the impoverished country.<br />
Australian investors have been among visiting trade and investment
delegations eyeing off opportunities in the impoverished country,
considered to be one of the most underdeveloped in the region despite
hosting rich, untapped natural resource reserves including petroleum,
timber, gemstones and precious and base minerals.<br />
Australian economist and Myanmar expert Professor Sean Turnell says
Australian expertise in areas such as agriculture is in high demand in
Myanmar, which used to be known as the “rice bowl of Asia” at the height
of British rule more than 50 years ago. ”Australia has a lot to offer
Burma as we are a big, rich resource/agricultural-led economy while
Burma is a big but poor, resource-rich agricultural economy,” Turnell
said.<br />
Unlike the European Union and the US, Australia never imposed trade
or investment sanctions on Myanmar, preferring to utilise targeted
sanctions such as a visa ban and restrictions on financial services,
against certain individuals and companies with close links to the former
military regime. Foreign Minister Bob Carr recently signalled to lift
all remaining sanctions during his visit to Myanmar in June, pledging
support for President Thein Sein’s reformist government and effectively
firing the starting gun for Australian investors to join the hordes of
foreign firms seeking to re-engage with Myanmar.<br />
Tim Harcourt, former chief economist at Austrade, says Australian investors have much to offer.<br />
<span class="dquo">“</span>Australia could help Burma develop its
rural industries as well as in education and training in tourism in much
the same way as in Vietnam, Laos and Cambodia,” said Harcourt, who is
part of the Australian School of Business at the University of NSW. ”The
emphasis will be in capacity building and helping Burmese people to
reach their full potential. But it would be a ‘softly, softly’ approach
provided the pro-democracy reforms continue.”<br />
Potential investors from Australia’s mining industry say Myanmar
could benefit from Australian industry expertise and know how to unlock
its vast mineral wealth.<br />
<span class="dquo">“</span>Australian junior exploration and mining
companies are well-placed to enter Myanmar. Australian entrepreneurial
junior companies are often the first movers going into remote areas,”
said Everett, chairman of exploration company Global Resources
Corporation Limited, pointing to the examples of South America, Africa
and parts of Asia.<br />
Turnell says Australia could step up its presence as a regional
superpower and alternative to Chinese investment. Australia is already
making a name for itself among the hordes of foreign products and people
seeking their fortune in Myanmar, he says.<br />
In the upscale bars and restaurants around the economic capital of
Yangon (also called Rangoon) the familiar Australian twang can be heard
discussing project opportunities from agriculture and farming to mining
and petroleum. Australian produce can be discovered when wandering the
aisles of Yangon’s few Western-style supermarkets by way of a bottle or
two of Hardy’s shiraz to wash down the Australian camembert. The iconic
Strand Hotel on Yangon’s waterfront, popular among the expats for its
lively Friday happy hour, also serves up a well-bloodied chunk of
Australian beef or lamb on request.<br />
However, current-day Myanmar is far from being an easy place to do
business and although the country’s tentative steps towards democracy
and economic stability have been warmly welcomed by the international
community, experts say it’s far from a “gold rush” of investment.<span id="more-308194"></span>“For
the first time in a long time, investors see a government here that is
serious about opening the country and creating a place where people can
do business,” said Jared Bissinger, a PhD candidate at Macquarie
University who is studying Myanmar’s economy. ”I think these are the
most important reasons why there is so much excitement about Myanmar
right now.”<br />
But he says Myanmar may soon suffer from “investor fatigue”, as firms
come to terms with the difficulty of doing business in a country
emerging from 50 years of central economic planning.
“Infrastructure — especially roads, telecommunications, and
electricity — are desperately inadequate and among the worst in Asia,”
he said.<br />
<span class="dquo">“</span>These things cannot change
overnight — developing the capacity of the government and the country’s
human and physical capital will take decades. Of course, business will
play a huge role in this, but they have to understand that investment
environment can only improve gradually — not overnight.”<br />
Other legal and physical barriers to investment such as a weak
banking sector, resulting in a cash-dependent society and untested
judicial system in a country Transparency International ranks as one of
the world’s most corrupt. New investors will also need to navigate
layers of bureaucratic red tape, as discovered by several Australian
mining firms scoping out opportunities in the country’s unexploited
minerals sector at a convention in Yangon last month.<br />
Although investors at the Myanmar Mining Summit agreed Myanmar’s rich
mineral wealth holds untapped potential, the biggest bones of
contention include an inhibiting Production Sharing Contract (PSC)
arrangement between a foreign company and the Myanmar government, which
does not act as an equity partner, but takes a hefty 30 per cent chunk of the
total resource extracted on top of royalties and income tax.<br />
<span class="dquo">“</span>That means you risk all the money, you
risk all the development then you give the government a share of the
production free of charge, on top of royalty,” said Everett, who
attended the conference to look for coal mining opportunities on behalf
of some Australian investors. ”People will not invest on that
basis — not on a large scale, anyway.”<br />
Mining veteran Owen Hegarty, formerly of Rio Tinto and Oxiana, spoke
at the summit and said his firm, Tigers Realm Group, is already scoping
out potential copper and gold deposits.”Tigers is taking a preliminary
look at opportunities in Myanmar — we know the region well, we’ve had a
look at some properties and prospects previously and we think the
prospectivity for copper and gold is attractive and we believe it is un-
and under-explored,” Hegarty said.<br />
However, the country’s strict regulatory framework will hold back
more significant investment, he said, with many firms preferring to
either “watch and wait” before making their move on Myanmar.<br />
<br />
This article first appeared on Australian news website Crikey.com on August 13, 2012:<br />
<a href="http://www.crikey.com.au/2012/08/13/post-sanction-myanmar-a-tough-place-to-do-business/">http://www.crikey.com.au/2012/08/13/post-sanction-myanmar-a-tough-place-to-do-business/</a><br />
<br />BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-50285673742721209922012-08-11T22:26:00.000-07:002012-08-11T22:26:36.654-07:00Reporting rules for US firms revealed<div id="newsdiv2">
<h1>
Reporting rules for US firms revealed</h1>
<div id="byline">
By Victoria Bruce</div>
<div id="byline">
The Myanmar Times<br />
</div>
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-EWQ7T26N6LA/UCc9atNu-AI/AAAAAAAAABo/YsD5CJrmlDc/s1600/Coca+Cola+Pepsi.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="203" src="http://4.bp.blogspot.com/-EWQ7T26N6LA/UCc9atNu-AI/AAAAAAAAABo/YsD5CJrmlDc/s320/Coca+Cola+Pepsi.jpg" width="320" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Pepsi and Coca Cola have already announced their intention to operate in Myanmar. Photo: Internet</td></tr>
</tbody></table>
<div id="byline">
AMERICAN companies were given approval to invest in Myanmar
by the United States government last week but will have to adhere to
strict reporting guidelines, the White House said in a statement. </div>
The reporting guidelines have been put in place to ensure
transparent, accountable and responsible investment, the July 12
statement said. <br />
The much-anticipated announcement presents the legal framework for US
investment and companies such as Chevron, Proctor & Gamble, Google,
Boeing, Coca Cola and Pepsi are due to visit Yangon at the weekend, US
embassy officials in Yangon said.<br />
“We’ve essentially moved from broad to targeted sanctions,” US
embassy deputy head of mission Eleanor Nagy told The Myanmar Times.<br />
The move is a demonstra-tion of support for President U Thein Sein’s
government and will encourage continued progress toward democracy, Ms
Nagy said.<br />
“We recognise that the Myanmar government’s reform process is ongoing but is not complete,” she said. <br />
She added that the two governments were engaged in a dialogue on
other areas where the US would like to see progress, including the
military’s human rights record, corruption, ethnic conflict and its
relations with North Korea. <br />
Economic engagement by US companies would encourage the government’s
reform progress and benefit the population, Ms Nagy said. She added that
the reporting requirements would encourage greater responsibility and
transparency.<br />
US firms investing more than US$500,000 in new projects will be
required to report on their policies and procedures with respect to
human rights, worker’s rights, land acquisition, as well as report any
payments exceeding $10,000 to Myanmar government entities.<br />
The two general licences announced by the White House last week
permit the export of financial services to Myanmar and will allow US
firms to invest in all sectors, except defence, and engage with all
entities, except the two military-owned companies – Myanmar Economic
Corporation and Union of Myanmar Economic Holdings Ltd, as well as
people listed on the US Government’s targeted sanctions list on
individuals. A Congress-imposed ban on imports from Myanmar to the US
was recently renewed, however.<br />
The reporting require-ments for new investment were cautiously
welcomed by experts, including Sean Turnell, an associate professor of
economics at Australia’s Macquarie University.<br />
“It is really hard to see any reasonable argument against such
transparency and I am somewhat hopeful they might even provoke a sort of
‘transparency contagion’ with respect to other country investors,” he
said.<br />
By allowing new invest-ment, the US government had ignored Daw Aung
San Suu Kyi’s concerns about doing business with state-run energy
company Myanmar Oil and Gas Enterprise (MOGE), rights groups said.<br />
“The US looks like it caved to industry pressure and undercut Daw
Aung San Suu Kyi and others in Burma who are promoting government
accountability,” Human Rights Watch business and human rights director
Arvind Ganesan said in a statement on July 11.<br />
However, some experts doubted that the legal framework would prompt a
rush of US investment. The US maintains substantial sanctions against
Myanmar, said Mr Derek Tonkin, a former British ambassador to Thailand
and Vietnam and chairman of non-profit group Network Myanmar.<br />
He said major international financial institutions such as the IMF,
World Bank and ADB are still limited to providing advice and
assessments, rather than funding for projects.<br />
“The easing of sanctions is to be welcomed as a substantive step by
the US in the right direction,” Mr Tonkin said. But new “smart
sanctions” would have little effect and were a symbolic response to
recent changes and reforms in Myanmar, he added.<br />
“The link between lifting economic sanctions and seeing actual
economic progress is lengthy and complicated,” said Australian economics
professor at UNSW Tim Harcourt, who is also a former chief economist
with Austrade, the Australian government’s trade and investment arm.<br />
“Lifting sanctions is necessary but not sufficient … the economic
evidence shows that there is a lag between lifting the legal sanction
and when companies are actually brave enough to stick their toe in,” Mr
Harcourt said.<br />
Some notable US companies have already announced their intention to operate in Myanmar, including Coca-Cola and Apple.<br />
Pepsi Cola is hot on its heels, having recently signed a joint
venture with local soft drink company called Diamond Star, who will be
its local distributor, according to business sources. Both drinks are
already widely available.<br />
<br />
This article was first published on the front page of the print edition of the Myanmar Times and the online edition on July 16, 2012:<br />
<a href="http://www.mmtimes.com/2012/news/635/news63502.html">http://www.mmtimes.com/2012/news/635/news63502.html</a><br />
The Myanmar Times <br />
Volume 32, No. 635<br />
July 16 - 22, 2012<br />
</div>
BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0tag:blogger.com,1999:blog-1153224311161809592.post-27468091768935395522012-08-11T00:21:00.000-07:002012-08-11T22:38:10.741-07:00Burma comes in from the cold, gold and all<h1 class="cN-headingPage">
Burma comes in from the cold, gold and all</h1>
<div class="cN-headingPage">
The Sydney Morning Herald</div>
<div class="cN-headingPage">
The Canberra Times</div>
<div class="cN-headingPage">
The Melbourne Age </div>
<div class="meta hnews">
<time datetime="August 11, 2012">August 11, 2012</time>
<br />
<div class="author optionA">
<div class="cT-headshot">
<h3 class="authorName">
By Victoria Bruce</h3>
</div>
</div>
</div>
<div class="articleBody">
<div class="cT-imageLandscape">
<table align="center" cellpadding="0" cellspacing="0" class="tr-caption-container" style="margin-left: auto; margin-right: auto; text-align: center;"><tbody>
<tr><td style="text-align: center;"><a href="http://4.bp.blogspot.com/-cNwcHbqLlCs/UCX_-rjf_wI/AAAAAAAAABY/RXTLFB0qQuU/s1600/Gems_729-620x349.jpg" imageanchor="1" style="margin-left: auto; margin-right: auto;"><img border="0" height="225" src="http://4.bp.blogspot.com/-cNwcHbqLlCs/UCX_-rjf_wI/AAAAAAAAABY/RXTLFB0qQuU/s400/Gems_729-620x349.jpg" width="400" /></a></td></tr>
<tr><td class="tr-caption" style="text-align: center;">Burma has a long history of gemstone mining. Photo: Peter Braig</td></tr>
</tbody></table>
<i> </i>
</div>
AS POST-SANCTION Burma opens for business, Australian
companies are eyeing investment opportunities in the country's
unexploited mineral reserves.<br />
The sector is receiving a gold rush of interest from Australian miners wanting to unlock the country's rich mineral wealth.<br />
While the impoverished south-east Asian nation of Burma, also
known as Myanmar, has a long history of gemstone mining, its rich
reserves of precious and base metals have remained virtually untouched,
due to the lack of capital, data, technology and essential
infrastructure required to transform these virgin mineral resources into
functional operations.<br />
Enter Australia's junior exploration companies.<br />
<div class="ad adCentred" id="adspot-300x250-pos-3">
<small>Advertisement</small> </div>
''Australian entrepreneurial junior companies are often the
first movers going into remote areas,'' said Stephen Everett, chairman
of Global Resources Corporation, one of many Australian miners that
recently attended the Myanmar Mining Summit, held in the economic
capital of Rangoon.<br />
Decades of economic mismanagement and restrictive
international sanctions during its years of military rule have crippled
Burma's economy.<br />
But since its transition to a quasi-civilian government and
the easing of various sanctions, the country has been seeing a flood of
interest from Western investors. Nicholas Powrie, general manager (legal
regulatory) of Mineral Commodities, a project of mining entrepreneur
Mark Caruso, former chairman of Allied Gold, which recently merged
with St Barbara to create the largest mid-tier gold producer in
Australia, said his company was ready to take the plunge.<br />
''We've looked at the geology of the region and we're very
excited about it,'' he said. ''We think it's the right time to come
here, and the sooner the better.''<br />
Mining veteran Owen Hegarty, of former Rio Tinto and Oxiana
stock, said his company, Tigers Realm Group, was already looking at
potential copper and gold deposits.<br />
''Tigers is taking a preliminary look at opportunities in
Myanmar,'' he said. ''We know the region well, we've had a look at some
properties and prospects previously and we think the prospectivity for
copper and gold is attractive.''<br />
The current lack of large multinational mining companies
also makes it an ideal playground for small mining companies to
flourish.<br />
Gold is just what many juniors are looking for in Burma. One
Canadian company is hoping to lead the way once it is granted an
exploration permit.<br />
''There have been no big gold discoveries in this country,
ever,'' said Jon North, chief executive and president of Canadian
mining exploration company Northquest.<br />
He pointed out that the country lacked any form of
geophysical data, and the last geological surveys were completed about
50 years ago.<br />
But while Burma at first glance may seem like the land of
golden opportunities, new investors will have to negotiate a
restrictive regulatory framework, an untested judicial system and layers
of bureaucratic red tape.<br />
''Many investors are surprised by how difficult it is to do
business in Myanmar, and limited infrastructure and restrictive legal
and economic conditions are the main hindrances to international
investment,'' said Jared Bissinger, a PhD candidate at Macquarie
University studying Burma's economy.<br />
He said that despite rapid reforms, Transparency International ranked the country as one of the world's most corrupt.<br />
The biggest barrier to investment in the mining industry was
an inhibitive production sharing contract, with a 30-70 per cent
profit-sharing ratio between the mining company and the Burma
government, investors said. The government did not act as an equity
partner, but took a hefty percentage of the total resource extracted, on
top of royalties and tax.<br />
''That means you risk all the money, you risk all the
development, then you give the government a share of the production free
of charge, on top of royalty,'' Mr Everett said. ''People will not
invest on that basis - not large-scale, anyway.''<br />
Burma also has an export ban on raw ores, and certain
commodities such as gold and coal, and the country's lucrative gemstone
sector, famous for its ruby, sapphire and jade production, is closed to
foreign investment.<br />
These barriers, combined with a lack of legal and physical
infrastructure, means many interested companies will be adopting a
wait-and-see approach.</div>
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<br />
This article was first published on the Sydney Morning Herald print and online edition on 11 August 2012: </div>
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<a href="http://www.smh.com.au/business/burma-comes-in-from-the-cold-gold-and-all-20120810-23zwp.html#ixzz23DVvOuvf">http://www.smh.com.au/business/burma-comes-in-from-the-cold-gold-and-all-20120810-23zwp.html#ixzz23DVvOuvf</a> </div>
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<br /></div>
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It also appeared on the Canberra Times website:</div>
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<a href="http://www.canberratimes.com.au/business/burma-comes-in-from-the-cold-gold-and-all-20120810-23zwp.html">http://www.canberratimes.com.au/business/burma-comes-in-from-the-cold-gold-and-all-20120810-23zwp.html</a></div>
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</div>
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The Age print and online edition: </div>
<div style="background-color: white; border: medium none; color: black; overflow: hidden; text-align: left; text-decoration: none;">
<a href="http://www.theage.com.au/business/burma-comes-in-from-the-cold-gold-and-all-20120810-23zwp.html">http://www.theage.com.au/business/burma-comes-in-from-the-cold-gold-and-all-20120810-23zwp.html</a> </div>
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BeeButtonshttp://www.blogger.com/profile/11642420269195288282noreply@blogger.com0