Puma Energy JV expands $10 mln capital for aviation fuel services in Myanmar

MYANMAR BUSINESS copy
Security guards stand near a tanker carrying aviation fuel during the opening ceremony of Puma Energy fuel storage facility at Myanmar International Terminal Thilawa outside Yangon on 6 May 2017.  
Photo: Supplied

National Energy Puma Aviation Services Company, which is joint venture between Singapore-based Puma Energy and Myanmar Petroleum Products Enterprises under the Ministry of Electricity and Energy, made capital expansion of over US$10.204 million in aviation fuel import, storage and distribution businesses, according to the Directorate of Investment and Company Administration (DICA).
“The government holds more shares in this joint venture”, said U Than Aung Kyaw, Deputy Director-General of DICA.
The company will execute aviation fuel import, storage and distribution business in Thanlyin Liquified Petroleum Gas terminal. The JV was permitted on 26 March 2016, with a capital of $106.02 million, said U Kyaw Win Tun, Director of DICA.
They need to seek approval from the Ministry of Electricity and Energy, according to DICA.
Previously, the Ministry of Electricity and Energy wholly executed aviation fuel import, storage and distribution business and soon after invited foreign investors to set up a JV in 2014.
The foreign direct investments of $31.847 million including expansion of capital flowed into the country during the first two weeks of October, according to figures from DICA.
Six foreign enterprises received endorsements with capital of $17.92 million at the Myanmar Investment Commission meeting (17/2018) held on 12 October. Those foreign enterprises were approved endorsements by Myanmar Investment Commission and the respective investment committees of Yangon and Taninthayi Regions and Kachin State. They are Myanmar Shoe Dynasty Co. Ltd for manufacturing of shoes on Cutting-Making-Packaging basis, Frontier Pte. Ltd for wholesale and retail business on IT products, Mandolis Co. Ltd for bungalow and restaurant services, Myantex Industrial Co. Ltd for CMP garment, LF Packaging (Myanmar) Ltd for manufacturing and export of rubber-wood sown timber by using local rubber wood on contract manufacturing process basis, and Kachin Tain Hu Co. Ltd for cultivation, production and exportation of international quality Brazil banana.
The other three existing companies raising their capital are $10.2 million by National Energy Puma Aviation Services Co. Ltd for aviation fuel service, $3 million by Myanmar Recycle Company Limited for manufacturing and sales of waste recycled products
and $0.72 million by CMF Myanmar Co. Ltd for manufacturing of all kinds of bag on CMP Basis.

 

By Nyein Nyein

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