To counter China, India offers Myanmar a $6bn oil refinery
NEW DELHI: As China further intensifies its energy cooperation with Myanmar, India is working to ramp up its own presence in the same sector in the strategically located neighbour with a booming energy industry. The joint visit by foreign secretary Harsh Shringla and army chief MM Naravane saw the 2 countries discussing the possibility of building a petroleum refinery in Myanmar that will involve an investment of $ 6 billion.
India proposes to build the refinery in the Thanlyin region near Yangon, official sources said. "As of now IOCL has evinced interest in the project," said a source, adding that this would be a win-win arrangement for both countries.
China currently accounts for almost 70 percent of foreign investments in the energy sector in Myanmar. India's eastern neighbour, which straddles India's Act East and Neighbourhood First policies, has very few refineries though and imports mostly account for its domestic fuel consumption.
During their joint visit, Shringla and Naravane also called on State Counsellor Daw Aung San Suu Kyi and Commander in Chief of Defense Services Senior General Min Aung Hlaing.
The two sides also discussed, as the go nment said in a statement, maintenance of security and stability in their border areas and reiterated their mutual commitment not to allow their respective territories to be used for "activities inimical to each other". The go nment appreciated Myanmar's decision to hand over 22 Indian insurgents to India.
Interestingly, Shringla and Naravane presented 3000 vials of Remdesivir to the State Counsellor. India said it was symbolic of its commitment to assist Myanmar in the fight against the pandemic.
During the visit, India also announced a grant of $ 2 million for the construction of the border haat bridge at Byanyu/Sarsichauk in Chin State that is expected to provide improved economic connectivity between Mizoram and Myanmar.
As long as the economy is not strengthened, foreign policy can never be strong.
First solve our own Problems then think of others???
India itself begs for loans from JICA, IMF, Germany and the world bank..
Where is the money to invest from?States not getting their share of GST.Farmers are committing suicide.Women and children are raped in North India.Border has been lost to china.Then why spend money on a China ally.
6 billion to make refinery. Much more is needed in India for its economy. First make india self reliant and then lend help hand
Before commenting atleast read the article properly. It's not free money. We are investing there. Proper cost benefit analysis will be done before taking such a step.
Keeping good relations with neighbours is good but what about our own economy- it is in shambles
Lol.. and half of population living lifestyle worst than farm chicken
whoah petrol prices are going to fall Gay hund ..
We do not have enough money for our own needs. To give this to Myanmar is not a good thing. Should not purchase good neighbors. One should cultivate them.
By providing Refinery India will increase its machinery exports.
Developing good relations with neighbors is good. But these need not be driven out of the fear that China will influence these nations. China has lost its credibility ever since its diplomats badmouthed the everyone and it resorted to arm twisting policies.
The economy has to be brought back to normal. Then you can help the other neighboring countries. First improve our own economy.
Modi Government is sinking the Indian economy for his personal glorification and WAH WAH .
Omega Psi Phi
Since when did Indias army chief become a travelling salesman?
I just went through comment section, i could see positive and negative comments however surprisingly no one is noticing that Indian Army Chief is talking about a business deal with Foreign country. Now this could be happening first time in Indian history.
Excellent neighbours relationship exhibited! Develop both economic and foreign relations with the next neighbour! Super counter attack on China!!
Except BJP IT CELL no indian like this USELESS FRAUD PM.
India should continue with it's 'Neighbours first and Act East' policy.
vinay haritsa k p
ARAMCO and Reliance can invest together.
India confronts China as an adversary. But there is no such topic in China, because India has never been worthy of being China's adversary. In China, there is very little news about India.
India should not ape whatever China does in extending help to various countries