Singapore based Hin Leong Group is planning to expand its business and start the distribution and selling of fuel products in Myanmar, according to Reuters News Agency.
Hin Leong Group has businesses in oil
trading, bunkering, lubricants blending, diesel retailing, logistics
support and storage support. The group is planning to expand their
business in South East Asia including Myanmar.
“China, Myanmar, East Timor and
Indonesia have needed fuel to develop their economy. We are importing
fuel for them before but we want to provide more services,” the chairman
of Hin Leong Group, told Reuters.
The group that is one of the top fuel suppliers to Myanmar is now planning to store fuel and expand distribution around Yangon.
“We are planning to sell fuel to
customers directly in Myanmar, the least developing country in Asia. We
are seeing the big international corporations entering Myanmar. Myanmar
will be needed fuel more than ever,” he added.
The group will spend between US$100
million and 200 million to start the business in Myanmar. Although
Myanmar has plenty of oil and natural gas, it cannot produce enough fuel
to use locally. Myanmar is importing tons of fuel every month to meet
domestic demand.
source: Eleven Myanmar
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