Amid Indo-China Tension, and China’s contribution in Energy cooperation with Myanmar, India is setting up its own presence in the same sector with its strategically located neighbor to boom its energy industry.
The joint visit by foreign secretory Harsh Shringla and Army chief M M Naravane saw the possibility of building a petroleum refinery in Myanmar which will require an investment of $6 Billion.
China currently holds almost 70% of Foreign investment in the energy sector in Myanmar. India Proposes to build the refinery in the Thanlyin region near Yangon. According to the source, IOCL has shown interest in the project and this will be a win-win arrangement from both the countries.
India’s eastern Neighbor, which balances India’s Act East and Neighborhood policies, has very few refineries and imports mostly for its domestic fuel consumption.
Apart from that, the two sides also discussed the security and stability of their border areas and reemphasized their mutual commitment not to allow their respective territories to be used for hostile activities to each other.