Myanmar continues to undertake good steps towards the development and growth of the oil and gas industry. For the past two years, this state has attracted the attention of many international and private companies that are interested in investing in Myanmar oil and gas products. One of the reasons why the government has partnered with these companies to increase the supply of LPG so that its residents can have a substitute for electricity in household cooking.
Elite petrochemical is one of the private companies which was allowed by the government to import and supply Myanmar oil and gas products. This is why it launched the first private sector port facility and terminal across 49 acres of land in Thilawa, in Yangon. After getting approval and recommendation from the government and Myanmar Investment Commission, the stakeholders decided to develop this terminal under a BOT agreement. This agreement implies to Build, Operate and Transfer. The whole project was planned to be developed in phases. Currently, phase 1 has been completed and has 3,000 storage facilities and 20, 000 tonnes jetty. Phase 2 which is around 40 % complete is expected to increase the storage capacity of LPG products of this company up to 25,000 tonnes and also 100,000 tonnes of petrol and diesel.
Elite Petrochemical has been able to outsource advice foreign experts. This has enabled this company to develop high-quality systems that meet the regulations and safety standards laid out by the Ministry of Energy. The local stakeholders have also acquired a lot of knowledge especially in the distribution and use of Myanmar oil and gas products that the residents need. This is one of the strategies which Elite petrochemical has laid out.
Elite petrochemical is still investing in more infrastructural facilities for storing and distributing oil and gas products to as many households as possible. The good thing is that the demand for Myanmar oil and gas products has continued to rise especially after the government increased the electricity tariff in July 2019. From that period many Myanmar residents have found LPG to be a cheaper alternative source of energy. Thus, if you have not yet invested in this kind of energy then Elite petrochemical is the company that has the right products for you.