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Article

14 Jun 2012

Author:
Reuters

Suu Kyi warns investors off Myanmar's state-owned oil & gas

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...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.