Antara News, Tuesday, December 22, 2009 13:54 WIB
Beijing (ANTARA News/Asia Pulse) - China National Petroleum Corp (CNPC), announced on Monday it has signed an agreement with Myanmar's Energy Ministry to receive exclusive rights to build and operate the China-Myanmar crude oil pipeline.
The deal has granted operating concession of the pipeline to the CNPC controlled South-East Asia Crude Oil Pipeline Ltd., said CNPC.
The pipeline company will also enjoy tax concessions and customs clearance rights, said a report on the CNPC website. The agreement stipulates that the Myanmar government should guarantee the company's ownership and exclusive operating rights, as well as the safety of the pipeline.
The 771-kilometer pipeline, from western Myanmar, to Ruili, in the southwestern Chinese province of Yunnan, is expected to carry 12 million tonnes of oil a year initially.
Source:
Business in Asia Today - Dec 22, 2009
published by Asia Pulse
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