“We have already started a discussion with the Ambassador of Myanmar to India and he is positive in this regard. But the discussion is now at an initial stage,” P Padmanabhan, Managing Director (MD) of NRL, said while sharing his future plan with this correspondent here today.
He, however, admitted that the deal would take some time to materialise. According to a study, the demand for oil products in Myanmar is expected to reach 60,000 barrels per day, and, therefore, major oil companies are now targeting the Myanmar market to fuel their growth.
Asked whether the deal would be possible given the current law-and-order situation along the international border, especially in the Moreh area, Padmanabhan replied in the affirmative, saying the Indian Petroleum Ministry is optimistic about the deal.
After signing the Free Trade Agreement (FTA) with ASEAN, Myanmar has now become a strategic business point for India, and during the last couple of years, the Indian Government has extended soft loans to Myanmar in the energy and IT sectors. “We have a mega expansion plan from the current level of 3 million metric tonne per annum (MMTPA) to 9 million metric tonne per annum (MMTPA).
So, we will be able to export our products to Myanmar and Bangladesh,” the MD of NRL said, adding that NRL has already signed an agreement with the Nepal-based Birat Petroleum Pvt Ltd (BPPL) for sale of motor spirit (MS) and high speed diesel (HSD).