China-Myanmar Oil Pipeline Officially Inaugurated, Pumping First Oil

China-Myanmar Oil Pipeline Officially Inaugurated, Pumping First Oil

Yicai Global

Date: Tue, 04/11/2017 - 20:09 / source:Yicai
China-Myanmar Oil Pipeline Officially Inaugurated, Pumping First Oil
China-Myanmar Oil Pipeline Officially Inaugurated, Pumping First Oil

(Yicai Global) April 11 -- China-Myanmar crude oil pipeline project has officially been put into operation, moving China-Myanmar energy cooperation into a new stage. The project has become an important symbol of the "Bangladesh-China-India-Myanmar Economic Corridor" and interconnectivity, as well as of infrastructure cooperation between China and ASEAN countries.

The announcement coincides with Myanmar President Htin Kway’s first visit to China since taking office, Reuters reported.

An oil tanker carrying 140,000 tons of crude oil successfully arrived at the port of Maday Island in the west coast of Myanmar, the starting point of China-Myanmar crude oil pipeline and began to unload oil yesterday, marking China-Myanmar crude oil pipeline project officially starting operation, reported China News Agency, quoting China National Petroleum Corporation Southeast Asia Pipeline Co., Ltd.

China-Myanmar crude oil pipeline was jointly built by China National Petroleum Corporation and Myanmar Oil and Gas Company. Starting from Maday Island, the pipeline has a total length of 771 km, with five stations. It has an annual output of 22 million tons capacity. A 300,000-ton crude oil terminal will be also constructed. After the pipeline reaches full capacity, it can deliver two million tons of crude oil from Myanmar each year.

Since the start of the China-Myanmar oil and gas pipeline project, a total of more than USD23 million has been invested to carry out 178 socio-economic assistance programs along the pipeline, including schools, hospitals, roads, bridges, water supply, power supply, communications and other projects. It offered more than 50 donations for natural disasters such as floods, droughts and earthquake and launched programs to help cultivate local talent, employing more than 70percent of the staff from Myanmar.

An official in charge of the project told reporters that the continuous assistance from the project to the Maday Island over several years has benefited the islanders through social responsibility projects.

The China-Myanmar crude oil pipeline project operation corresponds with China's "Belt and Road" Initiative, "which will provide more direct way for China's imports of crude oil to bypass the crowded Malacca Strait," said Reuters.

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Keywords: China, Myanmar, Business, investment, Trade, CNPC