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NEWS ADMIN

Mahamad Rodzi Abdul Ghani

DATE

08/06/2005

NEWS PROVIDER

Mahamad Rodzi Abdul Ghani

NEWS SOURCE

Comtex Energy

CATEGORY

HEADLINE

OPEC to Help Myanmar Build 2 Edible Oil Mills
6/6/2005 YANGON (Xinhua via COMTEX) -- The Organization of PetroleumExporting Countries (OPEC) will help Myanmar build two edible oil millsworth 5 million US dollars as part of its aid to the country, said alatest report of the local 7-Day News journal.

The projects, which also involve the UN Food and Agricultural Organization(FAO), will be implemented in the capital of Yangon and the second largestcity of Mandalay, the FAO resident representative was quoted as saying.

Meanwhile, OPEC is at present implementing a 12-million-dollar project tohelp Myanmar upgrade its oil crops production for self- sufficiency.

The five-year project, which is the biggest of its kind since 1988 andalso involves another 2 million dollars provided by the government itself,will assist farmers in 36 main oil seed growing areas and deal mainly withthe development of oil palm and four oil seed crops -- sesame, groundnut,sunflower and soybean.

Myanmar obtained OPEC's international development fund in May 2003, whichwas provided at an annual interest rate of 1 percent payable in 25 years.

OPEC had previously provided Myanmar with loans for agriculture,telecommunications, energy, transport and water supply improvementnetworks.

According to official statistics, Myanmar produced some 250,000 tons ofedible oil annually and imported the same amount of palm oil to meet itslocal demand. Its cultivated areas of oil crops have reached 2.8 millionhectares.

The country has been making efforts to turn southern Tanintharyi divisioninto an oil bowl. Companies from Malaysia and Thailand are also makingfeasibility study for investment in oil palm cultivation in Myanmar.