LUKOIL in Myanmar

March 2 – Russian based LUKOIL oil company will start selling petroleum products in Myanmar, importing through Dubai. LUKOIL is the leader of the Russian oil and gas industry in exploration, production, refining and marketing of petroleum products. LUKOIL was established in 1991 by a group of oil-and-gas production companies located in the Western Siberian cities of Langepas, Urai and Kogalym. The initial letters of these cities were derived to form the acronym LUK. LUKOIL, one of the world’s largest oil companies, operates on the principle “From the Wellhead Down to the Gas Station” indicating its active presence in oil production, refining, wholesale and retail sale of the petroleum products.

Award of Foreign Banking Licenses

March 5 – The Central Bank of Myanmar ( CBM ) has granted preliminary approval to prepare the commencement of banking operations for four foreign Banks; Bank for Investment and Development of Vietnam— BIDV, Taiwan based E.SUN Commercial Bank, South Korea based Shinhan Bank and the State Bank of India. The successful applicants will have to fulfil commitments made in their application, take all necessary measures to ensure functional banking operation from day one of business and will have to comply with requirements laid down by the Central bank of Myanmar. Upon fulfillment of the above-stated, the Central Bank of Myanmar will grant the final license to them to operate in Myanmar.

First Condominium in Myeik

March 25 – Hong Kong Future Group and Pyay Phyo Tun Co has signed the agreement to build the first international standard sea view Condo at Myeik, Taninthagyi Region. That project will be lead by Hong Kong Future Group with the initial capital of $ 150 million. A total of ten buildings including a 30-storey sea view condominium will be built within the next five years. A modern department store, 5 star hotels, sports facilities, clinics, banking services will be all part of the Condo project.

“Telenor Accelerate” program

March 31 – Telenor launched ‘Telenor Accelerate – a programme offers Myanmar startups with mentorship, training and support, and up to US$50,000 in seed funding. In addition, winning startups will also have the opportunity to power-up their businesses through a four month boot-camp, together with startups from Thailand and Malaysia, can gain experience from workshops with Silicon Valley experts and one-on-one mentoring with qualified, successful startup entrepreneurs from the region, opportunities to pitch to global and regional venture capitalists, and potential commercialisation opportunities with Telenor Myanmar and Telenor Group. Telenor Accelerator accepts applications from tech startups that already have ideas to demonstrate. Anyone who has a minimum viable product, a prototype, some low traction and users, or even any of that in development, is encouraged to apply.