Malaysia’s national oil and gas company Petronas is reviewing its business portfolio and operations because of the prevaling market conditions.

SET-listed Scan Inter (SCN), a compressed natural gas (CNG) service provider, plans to acquire more assets in the renewable energy sphere via subsidiary Green Earth Power Thailand (GEP), which sees opportunities in Myanmar’s growing capital, Naypyidaw.

The solar tender has been marked by rushed land deals and a push for quick delivery, with Chinese companies winning almost all the sites.

The International Finance Corporation (IFC), in association with other organizations, has arranged a $3.45 million grant to the Myanmar government as part of the Lighting Myanmar program. The grant will be used to fund a rural solar electrification program that is separate from the national grid.

India wants to build a US$6 billion oil refinery in Thanlyin, Yangon, to rival China’s investments in Myanmar’s energy sector, according to India’s Foreign Secretary Harsh Shringla and Indian Army Chief MM Naravane during their joint visit to Myanmar this week.

India has proposed to construct a petroleum refinery in Thanlyn region near Yangon, and is planning to invest USD 6 billion. “The project which could be a win-win arrangement for both countries, as of now has IOCL expressing its interest in the project,” sources told Financial Express Online.

The Myanmar government is drawing up a medium- to long-term economic recovery and reform program that aims to maintain economic reforms introduced by the National League for Democracy (NLD), amid a significant slowing of economic growth due to the COVID-19 outbreak.

When the winning bidders for 30 sites being developed as one of Myanmar’s largest ever solar power projects were announced, 29 of the sites included Chinese based or registered companies.

The country’s Ministry of Electricity and Energy allocated all tendered solar capacity in its first procurement exercise for large-scale PV. Final prices ranged from $0.0348 to $0.051 per kWh. China Machinery Engineering and Sungrow were the main winners, securing eight and nine projects, respectively.

Local company Myanmar Chemical & Machinery Co. Ltd (MCM) is planning to invest in an oil refinery in the Dawei Special Economic Zone, Tanintharyi, and has sought government permission to start a feasibility study and other preliminary research at the area, U Tin Htoo Naing, secretary of the Dawei SEZ Management Committee, said last week.