India, Myanmar ink pact on petroleum exploration

NAY PYI TAW: Indian and Myanmar today inked three pacts including on exploration and production of petroleum and leasing of a paper and pulp mill.

A big business delegation led by Sunil Bharti Mittal was accompanying Prime Minister Manmohan Singh, who is here for a two-day visit.

The three MoUs were signed in presence of V S Seshadri, Ambassador of India to Myanmar.

An agreement on production sharing of contract for exploration and production of Petroleum was signed between Jubilant Oil & Gas Private Ltd and Parami Energy Development Company Ltd and Myanmar Oil and Gas Enterprise on production for Onshore Block PSC-I.

A MoU for leasing the Thar Paung Paper and Pulp Mill between JK Group and Myanmar's Industry Ministry was also signed.

The business delegation also had an interaction with Myanmar President U Thein Sein and several other cabinet Ministers of Myanmar.

"Sein invited the Indian industry to invest in pharmaceutical, energy, manufacturing, telecom and IT," CII said in a statement.

"He said the SME sector had great potential for technology absorption SME sector in Myanmar," it said.

The delegation includes Hari S Bhartia, B Muthuraman, Sanjay Kirloskar and Atul Punj.