New report finds Chinese multinationals increasing investment in Burma

Posted on September 29, 2008
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A new report by EarthRights International reveals increased investment in Burma by Chinese multinational corporations. EarthRights has found 69 Chinese multinationals involved in 90 completed, current and planned projects in the hydropower and natural resource sectors in Burma.

Previous research conducted between May and August 2007 found only 26 Chinese multinationals involved in 62 projects.

The report ignores Chinese investment in Burma’s manufacturing sector, but clearly illustrates the importance of Burma in China’s quest for natural resources, especial the oil and natural gas it needs to fuel its own development.

The report identifies 16 Chinese multinationals involved in 21 onshore and offshore oil

and natural gas projects in Burma. Among them are all three major Chinese oil and

natural gas companies Sinopec, China National Petroleum Corporation (CNPC) and China National Offshore Oil Corporation (CNOOC).

It notes “in August 2007, the junta confirmed the sale of natural gas from the lucrative Shwe gas fields off the Arakan State coast to PetroChina, at a lower price than other

competitors, thus clarifying China’s influence in Burma’s natural gas sector.”

Ka Hsaw Wa, EarthRight’s executive director warned, “We’ve repeatedly seen foreign companies coming into Burma with disregard for local people and the environment. Given what we know about development projects in Burma and the current situation, we’re concerned about this marked increase in the number of these projects.”

The report, “China in Burma: The increasing investment of Chinese multinational corporations in Burma’s hydropower, oil and natural gas and mining sectors” can be downloaded here.

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