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Energy

Thai PTTEP set to invest $2bn in Myanmar gas fields and power plant

State-owned explorer to ramp up operations to address neighbor's energy shortages

As urbanization and industrialization moved forward in Myanmar, hydroelectric power, which had previously been the main domestic power source, could no longer keep up with surging demand.   © Reuters

YANGON -- PTT Exploration and Production, a unit of Thailand's state-owned energy conglomerate PTT, plans to invest $2 billion in the development of natural gas fields and power plant construction in Myanmar. The move will expand the company's operations in the neighboring country, which is experiencing chronic power shortages.

PTTEP received exclusive development rights from the Myanmar government at the end of December. Based on the agreement with the government, the company will produce natural gas off Myanmar's coast and use it to supply power within the country.

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