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CNPC chief visits Myanmar's president

May 29, 2013 at 7:23 AM

NAYPYITAW, Myanmar, May 29 (UPI) -- China National Petroleum Corp. had "in-depth" discussions on oil and natural gas projects in Myanmar during a visit to the country, the company said.

CNPC President Liao Yongyuan met in Naypyitaw with Myanmar President Thein Sein.

"They had an in-depth and friendly discussion on promoting CNPC's oil and gas projects in Myanmar as well as deepening the traditional friendship between the people of the two countries," the company said in a statement.

CNPC said Myanmar authorities welcomed oil and natural gas pipeline development, noting Thein Sein expressed support for both projects from Myanmar.

Planned oil and natural gas pipelines would be constructed through parts of Myanmar that have experienced sectarian clashes between Buddhists and Muslims but should be finished by the end of the year, CNPC said.

Myanmar is considered frontier territory for investors. Resource Watch Institute gave the country its lowest mark for transparency in the extractive industries. Myanmar authorities during a May visit to Washington pledged to do more to address the issue.

China was listed by the Organization of Petroleum Exporting Countries as the country that would most contribute to growth in oil demand for 2013.

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