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Obligation Agreement Signed of Myanmar-China PL

Source: www.gulfoilandgas.com 12/21/2009, Location: Asia

On December 20, witnessed by Chinese Vice President Xi Jinping and Vice-Chairman of Myanmar's State Peace and Development Council Maung Aye, representatives of CNPC and Myanmar's Ministry of Energy signed an agreement of rights and obligation on the Myanmar-China Crude Pipeline in Naypyidaw, capital city of Myanmar.

The agreement explicitly defines the obligations of the CNPC-holding Southeast Asia Crude Pipeline Company Ltd. and the rights authorized by the Myanmar government to the company. According to the agreement, the Southeast Asia Crude Pipeline Company Ltd. is endowed with franchise rights of the Myanmar-China Crude Pipeline, and will be responsible for the construction and operation of the pipeline. The company also has related rights of tax remission, crude transit, import and export customs clearance and right-of-way operation. The agreement also stipulates that Myanmar government shall ensure the company's ownership and exclusionary right to the pipeline and guarantee the safety of the pipeline.

The Myanmar-China Crude Pipeline starts from Madeira at the west coast of Myanmar, running 771 kilometers through Rakhine, Magway, Mandalay and Shan State, and enters into China from Ruili of Yunnan Province.

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