Myanmar Gets Record Investment After Years of Isolation: Energy
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Myanmar, shunned since the 1990s for tolerating corruption and human trafficking, is set for record foreign investment in 2012 led by oil companies after the southeast Asian nation took its first steps toward democracy.
The country plans its biggest auction of exploration blocks for oil and gas by year-end. Oil & Natural Gas Corp. of India probably will bid, an ONGC executive said in an interview. This month France’s Total SA, one of the few foreign companies that operated under the old dictatorship, said it bought 40 percent of an offshore permit, while Coca-Cola Co. made its first shipment in more than 60 years to Yangon, the biggest city.