Myanmar asked Russia to modernize the energy system

Myanmar is participating in SPIEF for the first time and is interested in Russian investments and technologies,told RBC in the Ministry of Economic Cooperation of the country

As part of SPIEF 2022, the Myanmar authorities held talks with the Russian energy company Inter RAO on the construction of new and modernization of existing power plants. This was announced to RBC by the HEAD of the economics department of the Ministry of Economic Cooperation of the country, Aung Ko Mo.

“We have held talks with Inter RAO on the modernization of our power plants, maintenance repairs and construction of new plants. We would also like Russian investment in this sector. Negotiations were initiated by Inter RAO itself,” a spokesman for the ministry said.

Inter RAO said it was studying potential projects to modernize Myanmar's energy system.

“We were approached by the government of Myanmar with a request to participate in projects to modernize the country's energy system. At present, Inter RAO-Export is studying potential projects,” a company representative told RBC.

Inter RAO is a Russian energy company specializing in the production and sale of electrical and thermal energy, its EXPORT to other countries, and the design and construction of power facilities.

The delegation of Myanmar is participating in the SPIEF for the first time and is interested in Russian investments and technologies, said Aung Koh Mo. “We are under sanctions, you are under sanctions – now is the time for us to cooperate,” he said.

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In addition to negotiations with the management of Inter RAO, representatives of Myanmar met with the Minister of Economic Development Maxim Reshetnikov, as well as with the Chairman of the Russia-ASEAN (Association of Southeast Asian Nations) Business Council Ivan Polyakov, Aung Ko Mo added.

“We produce a lot of agricultural products. We have a lot of sunflower seeds, we need processing plants to produce oil. And now we have very backward factories. And we need Russian advanced technologies. On this occasion, we also held talks, but so far not with specific companies,” he said.

Earlier, Myanmar Investment Minister Aung Naing U said that the country plans to join the Russian financial messaging system (SPFS), which serves as an analogue of SWIFT. In addition, he also spoke about the negotiations on the use of Russian Mir cards in Myanmar.

Myanmar is under Western sanctions due to a coup d'état that took place in the country in February last year. The restrictive measures affected the military leaders responsible for this, as well as Myanmar's cash reserves stored in the West. In addition, export controls were introduced to limit the supply of dual-use technologies and goods to the country.