Suu Kyi Warns Investors Off Myanmar's State-Owned Oil & Gas

by
Reuters
Myanmar's opposition leader Aung San Suu Kyi said on Thursday that the state-owned oil and gas company MOGE lacked transparency and accountability, and urged foreign companies not to allow their companies to do joint ventures until it improved.

Myanmar's pro-democracy leader Aung San Suu Kyi waits before she delivers a speech during the last day of the 101st session of the International Labour Conference of the International Labour Organisation (ILO) at the United Nations European headquarters in Geneva June 14, 2012. Suu Kyi has begun a tour of Europe almost certain to attract the kind of fanfare that will test the patience of the reformist generals now in power after decades of army rule.

Myanmar's opposition leader Aung San Suu Kyi said on Thursday that the state-owned oil and gas company MOGE lacked transparency and accountability, and urged foreign companies not to allow their companies to do joint ventures until it improved.

Suu Kyi, speaking to the International Labour Organization (ILO) in Geneva, said: "The Myanmar Oil and Gas Enterprise (MOGE), the state-owned company under the ministry of energy with which all foreign participation in the energy sector takes place through joint venture arrangements, lacks both transparency and accountability at present.

"The government needs to apply internationally recognized standards such as the IMF code of good practices on fiscal transparency. Other countries could help by not allowing their own companies to partner MOGE unless it was signed up to such codes," she declared.