» 09/02/2011 12:27 RUSSIA – MYANMAR Russia’s Gazprom moving into Myanmar Officials from the Russian energy giant visit Naypyidaw. The stat-run company wants new partners in the East to offset its excessive reliance on the European market.
Moscow (AsiaNews) – In order to diversify its business and reduce its excessive reliance on an increasingly hostile European market, Russian energy giant Gazprom plans to conduct geological surveys in Myanmar, the Democratic Voice of Burma website reported, citing the International Oil Daily. For this purpose, representatives of the Russian state-run company went to the Myanmar capital of Naypyidaw for talks with local authorities.
Russia has the largest proven reserves of gas in the world, making Gazprom the largest extractor of natural gas in the world as well as the largest Russian company.
Its profits for the first quarter of this year reached a record 468 billion rubles (US$ 16.3 billion), 44 per cent higher than the same period last year, far more than experts had forecast.
Greater sales because of the interruption of Libyan supplies and rising prices domestically and in the European Union have helped the Russian company. However, only Europeans can buy Russian oil and gas because almost every Russian pipeline flows towards Europe.
In view of the European Commission’s desire to move towards greater energy independence from Moscow, Russia’s monopolistic giant is seeking new partners among individual companies that have long-term contracts (like Germany’s RWE) as well as new markets in the East, betting on China’s growing needs, which should outstrip Europe’s by 2030. At present, Beijing buys gas from its Central Asian neighbours as well as Myanmar.
The officials who visited Naypyidaw were from Gazprom’s international up stream branch, Gazprom EP International, which is registered in the Netherlands, an EU member state that is party to EU sanctions on Myanmar.
The Myanmar government is equally interested in working with the Russians because of the expertise the company can offer in terms of equipment, storage facilities, pipelines and knowhow. The Russian company can in fact conduct geological surveys and exploration that local companies cannot do. (N.A.)
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