MYANMAR CONCLUDED AGREEMENT OF PETR

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Subject: MYANMAR CONCLUDED AGREEMENT OF PETROLEUM AMERICAN COMPANY (fwd)



English Translation

The Nihon Keizai Shimbun, October 9, 1996
(Repoter: IINO, Katsuhiko on 7th at Yangon)

MYANMAR CONCLUDED AGREEMENT OF PETROLEUM AMERICAN COMPANY

FOREIGN INVESTMENT FROM APRIL TO SEPTEMBER REACHED 2.5 TIMES MORE.

On 7th, reporter of the Nihon Keizai Shimbun interviewed with the
Secretary of Myanmar Investment Commission (MIC) Brig. Maung Maung.

In this interview, Brig. Maung Maung disclosed that the amount of
foreign investment during the first half of =9196 fiscal year (Year -
September) reached more than one billion dollars which is 2.5 times
more than the first half of the previous fiscal year. At the same
time, he told us that on 6th of this month, the American "Bakers House
Company" concluded "Performance Compensation Agreement" with a Myanmar
state run enterprise. The agreement is for mining crude oil at Mann
Oil Field located in Nothern Myanmar.

He also said "Recent worse relationship with America such as placing
visa under ban each others do not harm desire of investment of
American enterprises at all."

During October 1988, when Myanmar started to accepted investment and
end of September this year, total amount of approved foreign
investment is 4,407 million dollars. The country invested largest
amount is :

Singapore=09US$ 1,122 millions
U.K.=09=09US$ 1,003 millions
France=09=09US$    499 millions
Malaysia=09                   US$    436 millions.

The main fields of investments are development of petroleum and
natural gas, then hotel and tourism.

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