Although the United States and EU have imposed economic sanctions on Burma (Myanmar) in recent years as a result its appalling human rights record, this has not stopped oil companies investing in the country.
Two little-known foreign companies have signed a deal for offshore oil and gas exploration with the state-owned Myanmar Oil and Gas Enterprise. The companies are Rimbunan Petrogas, established in British Virgins Island and UNOG from Singapore.
They are rumoured to have signed production-sharing contracts for exploration, drilling and production of oil and gas off the southern coast. Rimbunan Petrogas is usually referred to Rimbunan Retrogas. It is registered in the British Virgin Islands, but part of Malaysia’s Rimbunan Hijau group, a major logging conglomerate.