MCM to invest $96.92m in offshore supply base, scouts for foreign partners
Myanmar Chemical & Machinery Co Ltd (MCM) has received approval for the development of a $96.92 million offshore supply base on the west coast of Myanmar. The firm is open to partnerships with international firms for the project, a top executive said.
The supply base port, to be located on Madae Island, Rakhine state covers about 150 acres of land, owned by the company and will be located 600 meters away from one of the jetties of the Kyaukphyu Special Economic Zone. Close by is the deep sea port of the China Myanmar pipeline project.
Construction for the project is expected to take about two years, with about $72.72 million to be spent on importing required machinery.
“We are open to working together with a foreign counterpart for the operation of the offshore supply base in an appropriate structure,” said Tin Soe, project director of MCM Energy Co Ltd.
The company aims to complete a 200-meter jetty during phase one of construction and add another 400 meter long jetty during phase two. “We are expecting to buy another 50 acres of land to extend the coverage of the project,” said Soe.
The entire coastline of Myanmar stretches about 1300 miles, hosting about 50 offshore blocks across Adman and Mottama offshore.
This year, the government approved three additional private companies to operate offshore supply base projects in Myanmar. Earlier, oil and gas operators had to rely on offshore supply bases in Singapore and Thailand as well as the state-owned Thaketa offshore supply base.