China has finished constructing a deep-sea port on Madae Island in Rakhine State, according to officials from the ports authority.
The port will dock 300,000 tonne oil tankers as part of the
Myanmar-China crude oil pipeline which is still under construction. The
port was built in joint venture between China National Petroleum
Corporation (CNPC) and the Ministry of Energy.
"The deep seaport is reserved for 300,000 tonne oil tankers and 26
metres deep oil tankers," said an official from the Myanmar Ports
Authority.
Myanmar-China pipeline will carry 22 million tonnes of crude oil
annually. Five process stations from the newly built sea-port will
export the oil through pipeline. The pipeline is expected to finish in
September.
Myanmar will benefit with a USD$1 per tonne of oil transit fee
meaning Myanmar will expect to make have US$22 million per year. In
addition, China will pay USD$ 6,905 million per year for right of way.
Myanmar has been exporting natural gas through the Myanmar-China oil
and gas pipeline since July 2013. Myanmar will have 2 million tonnes of
crude oil and 2 billion cubic metres of natural gas annually from the
project, according to CNPC.
source: Eleven Myanmar
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