YANGON, April 8 (Xinhua) -- The Myanmar Investment Commission (MIC) is likely to change its foreign investment policy by granting foreigners to run distribution of petroleum in the country, the local Myanmar Times quoted MIC Secretary U Aung Naing Oo as disclosing Saturday.
Foreign investors will be advised to first coordinate with the Ministry of Electricity and Energy about their technical knowhow related with gasoline sale and distribution and then submit their proposals to the MIC for approval.
The current status represents the step of policy announcement and it has not reached the step of submitting the proposal, U Aung Naing Oo said.
Meanwhile, Myanmar's Petroleum Import and Distribution Association said it will forward proposals to the ministry calling for suspending foreign investment in petroleum distribution until local entrepreneurs are in a position to compete with their foreign counterparts in the related market.
Myanmar has been working with foreign and local oil companies for improved petroleum recovery at onshore block areas in Pyay and Myanaung since 2014.
According to official statistics, foreign investment in the oil and gas sector amounted to 22.41 billion U.S. dollars in 154 projects as of February 2017, accounting for 32.12 percent of the total foreign investment and ranking the first sectorally in Myanmar's foreign investment line-up.