Dharmendra Pradhan pitches for more engagement in Myanmar in oil & gas sector

New Delhi [India], Feb. 22 (ANI): Underscoring Myanmar's huge unexplored hydrocarbon potential, Minister of Petroleum and Natural Gas Dharmendra Pradhan has said that India needs to have more engagement with the latter in oil and gas sector. Pradhan visited a gas production facility in Myanmar, where state owned companies OVL and GAIL have been producing gas with the Myanmar Government, South Korean based POSCO and KOGAS companies. "Myanmar has huge unexplored hydrocarbon potential;need to have more engagement in Myanmar in oil & gas sector," he tweeted. Pradhan further informed that the A1 and A3 block of the facility produce about 16 Million Metric Standard Cubic Meter Per Day gas, out of which 80 percent of this is exported to China through a pipeline. Myanmar shares a long land border of over 1600 Km with India as well as a maritime boundary in the Bay of Bengal. Myanmar is India's gateway to South East Asia and ASEAN. It has been seeking greater economic integration through India's 'Look East' and 'Act East' Policy. Myanmar also offers us an alternative access route to the Northeast. Bilateral trade has been growing steadily reaching USD 1571.95 million in 2014-15 (Exports to Myanmar USD 773.74 million and Imports from Myanmar USD 1016.86 million) and India is the fourth largest trade partner of Myanmar but trade remains below potential. Agriculture sector dominates bilateral trade. Myanmar is the second largest supplier of beans and pulses to India and Timber and wood products. India's exports to Myanmar include pharmaceuticals products, steel and iron products, electrical machinery, Mineral oil, Rubber and articles, plastics etc. India has moved to eleventh largest investor from tenth position with an approved investment of US$ 299.5 million out of total estimated investments of US$ 45.237 billion from 33 countries by 655 enterprises. Most of India's investments have been in the oil and gas sector.(ANI)