11:02:00 AM
Myanmar Trade Office (Taipei)
 |
| Puma Energy |
Puma
Energy Asia Sun (PEAS), majority owned by oil company Puma Energy,
opened its $92 million petroleum product storage facility at the
Thilawa industrial port, as it seeks to consolidate its position in the
fuel-hungry developing market.
The country's “largest” and “most modern” refined products import terminal will enable ships carrying up to 50,000 tones of petroleum products to unload directly at the facility via Thilawa's river port, a crucial juncture for Myanmar's development.
“This is an opportunity for us [PESA] to connect Myanmar and the fuel needs of the country with an international system, so the principle benefits will be the fact that we can bring in competitively priced supply into the country,” David Holden, General Manager of Puma Energy Asia Sun, told Myanmar Business Today.
“The PEAS terminal at Thilawa can handle up to 30 percent of the country's fuel needs.”
We can do that because of our links into the international supply world but also due to the large infrastructure investment at Thilawa... we have both the tankage and the jetty which will allow us to bring in vessels which are larger than those being brought in to date.”
The facility will store a range of petroleum products including jet fuel, commercial fuel, heavy oil and bitumen and has a total storage capacity of 91,000 cubic meters. Myanmar's energy infrastructure was left to crumble under decades of isolationist military rule, creating energy shortages and hampering economic development.
“The investment that we've made in Myanmar is very much directed at the Myanmar market and making a contribution to the economic development of Myanmar…”
“In the future let us see whether there's a role to play regionally, but that's not the primary focus of this investment.”
While to date, PEAS only has a license to store petroleum products in Myanmar, Holden says, the company is buoyed by the new investment law, enacted April 1, which could pave the way for domestic expansion into retail and logistics.
“If you look at Puma globally we believe we've got exciting propositions in retail, B2B, power generation and in lubricants... we hope that [the new investment law] gives us at least a path to be able to participate in those businesses,” he said.
In addition to the company's almost $100 million investment at Thilawa, in 2015 PEAS made a $75 million investment in a joint venture with state-owned Myanmar Petroleum Products Enterprise, for the supply of jet fuel to domestic and charter airlines.
“Puma has had the foresight to identify Myanmar as an emerging market two or three years ago... and we were prepared to deploy capital so we could run our business in the country,” said Holden.
Hopefully that will give us an advantage over others who are looking at entering Myanmar.”
Source>>>MyanmarBusinessToday
The country's “largest” and “most modern” refined products import terminal will enable ships carrying up to 50,000 tones of petroleum products to unload directly at the facility via Thilawa's river port, a crucial juncture for Myanmar's development.
“This is an opportunity for us [PESA] to connect Myanmar and the fuel needs of the country with an international system, so the principle benefits will be the fact that we can bring in competitively priced supply into the country,” David Holden, General Manager of Puma Energy Asia Sun, told Myanmar Business Today.
“The PEAS terminal at Thilawa can handle up to 30 percent of the country's fuel needs.”
We can do that because of our links into the international supply world but also due to the large infrastructure investment at Thilawa... we have both the tankage and the jetty which will allow us to bring in vessels which are larger than those being brought in to date.”
The facility will store a range of petroleum products including jet fuel, commercial fuel, heavy oil and bitumen and has a total storage capacity of 91,000 cubic meters. Myanmar's energy infrastructure was left to crumble under decades of isolationist military rule, creating energy shortages and hampering economic development.
“The investment that we've made in Myanmar is very much directed at the Myanmar market and making a contribution to the economic development of Myanmar…”
“In the future let us see whether there's a role to play regionally, but that's not the primary focus of this investment.”
While to date, PEAS only has a license to store petroleum products in Myanmar, Holden says, the company is buoyed by the new investment law, enacted April 1, which could pave the way for domestic expansion into retail and logistics.
“If you look at Puma globally we believe we've got exciting propositions in retail, B2B, power generation and in lubricants... we hope that [the new investment law] gives us at least a path to be able to participate in those businesses,” he said.
In addition to the company's almost $100 million investment at Thilawa, in 2015 PEAS made a $75 million investment in a joint venture with state-owned Myanmar Petroleum Products Enterprise, for the supply of jet fuel to domestic and charter airlines.
“Puma has had the foresight to identify Myanmar as an emerging market two or three years ago... and we were prepared to deploy capital so we could run our business in the country,” said Holden.
Hopefully that will give us an advantage over others who are looking at entering Myanmar.”
Source>>>MyanmarBusinessToday
