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Myanmar to Import Russian Oil

Myanmar to Import Russian Oil
Photo Courtesy: The Daily Star

Military-ruled Myanmar schedules to import Russian gasoline and fuel oil to ease supply concerns and increasing prices, a junta spokesperson stated, the latest developing country to do so amid an international energy crisis. The Southeast Asian country has preserved friendly ties with Russia, even as both stay under a raft of sanctions from Western countries, Myanmar for a military coup that defeated an elected government in 2021, and Russia for its invasion of Ukraine, which it calls a special military operation. The article is about Myanmar to Import Russian Oil.

Russia is pursuing new customers for its energy in the region as its biggest export goal, Europe, will impose an embargo on Russian oil in slots in 2022. Military Spokesperson Zaw Min Tun said, “We have received permission to import petrol from Russia, and it was favored for its quality and less cost.” According to the media, fuel oil shipments will start arriving in September.

Mr. Zaw Min Tun said Junta Chief Min Aung Hlaing discussed oil and gas during a trip to Russia in July 2022. Myanmar now imports its fuel via Singapore. Myanmar would assume joint oil exploration in Myanmar with Russia and China, he said. The military has placed a Russian Oil Purchasing Committee led by a close ally of Min Aung Hlaing to oversee fuel buying, importing, and transporting at affordable prices based on Myanmar’s demands.

In addition to political disruption and civil unrest, Myanmar has been hit hard by high fuel prices and electricity cuts, prompting its military leadership to divert to imports of fuel oil that can be used in power plants. Petrol prices have poured about 350 percent since the coup in February 2021 to 2,300-2,700 kyat (about $1) per liter.

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