Fresh curbs imposed on junta’s government ministers, army chiefs and state-owned entities
A Myanmar soldier stands inside the city hall gates in Yangon, Myanmar, February 2 2021. Picture: REUTERS
Myanmar’s oil and gas sector has become a target of international pressure as one of the junta’s most important sources of income and foreign exchange given oil products are priced in US dollars. MOGE is the operator and regulator of the oil and gas sector, overseeing exploration and the distribution of petroleum products. It also grants permits and collects tax on profits made by private companies that are in production sharing contracts or joint ventures.
“When it comes to sanctions there are companies that strictly follow them, but there are also companies that neglect them,” he said. “But there is one thing, we are likely to face some difficulties in bank transactions, so we have to address some bank issues, more or less.” Japanese trading house Mitsubishi followed suit last week with plans to sell its stake in a natural gas field in Myanmar.
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