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18 Aug, 2022 05:38

More Russian oil headed for Asia – Bloomberg

Fuel shipments to Myanmar will reportedly start next month
More Russian oil headed for Asia – Bloomberg

Myanmar has bought Russian fuel oil that will arrive in phases from September, the country’s leader Min Aung Hlaing said this week, according to Bloomberg.

The report reveals that the Southeast Asian country will import oil and petroleum products directly from Russia at a reasonable price for nationwide distribution. It also noted that a ten-member committee set up for the purchase, storage and distribution of Russian oil held a meeting this month on the issue.

“We discussed buying and distributing fuel oil from Russia months before our head of state’s visit to Russia in July,” government spokesman Zaw Min Tun was quoted as saying at a press briefing on Wednesday. “During his visit, the deal was successfully done. We aim to buy high-quality fuel oil at a cheap price from the country where we can get it quickly.”

It remains unclear how fuel from Russia will be transported to Myanmar, Bloomberg wrote, noting that the two sides have previously considered supplying the commodity via a pipeline through India or China.

Myanmar’s military government has initiated talks with Moscow for fuel shipments amid an exodus of international majors from the country’s oil and gas sector, which has resulted in power outages. Earlier this year, Chevron and TotalEnergies withdrew from a major Yadana gas project in Myanmar, which was an important source of revenue for the country.

For more stories on economy & finance visit RT's business section

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