China has finished constructing a deep-sea port on Madae Island in Rakhine State, according to officials from the ports authority.
The port will dock 300,000 tonne oil tankers as part of the Myanmar-China crude oil pipeline which is still under construction. The port was built in joint venture between China National Petroleum Corporation (CNPC) and the Ministry of Energy.
"The deep seaport is reserved for 300,000 tonne oil tankers and 26 metres deep oil tankers," said an official from the Myanmar Ports Authority.
Myanmar-China pipeline will carry 22 million tonnes of crude oil annually. Five process stations from the newly built sea-port will export the oil through pipeline. The pipeline is expected to finish in September.
Myanmar will benefit with a USD$1 per tonne of oil transit fee meaning Myanmar will expect to make have US$22 million per year. In addition, China will pay USD$ 6,905 million per year for right of way.
Myanmar has been exporting natural gas through the Myanmar-China oil and gas pipeline since July 2013. Myanmar will have 2 million tonnes of crude oil and 2 billion cubic metres of natural gas annually from the project, according to CNPC.
Myanmar Time is 6:30 hours ahead of Greenwich Mean Time. For example on a Monday at midnight in Yangon , it will be:
New York (Eastern Standard) 1230 hours on Monday
London (GMT) 1730 hours on Monday
Bangkok 0030... ... More