Pertamina seeks to acquire 49% stake in Myanmar firm

By Godang Sitompul

Indonesia?s state-owned oil and gas company PT Pertamina is seeking to acquire up to 49 percent stake in a Myanmar Petroleum Products Enterprise, a state-run firm, as it aims to set a foothold in the country?s fast-growing fuel retail market.

This was said by Pertamina Marketing and Commercial Director Ahmad Bambang to Petromindo.com on Tuesday. He said that his company is competing with Indian Oil Company.

He said the Myanmar state firm operates 1,350 gasoline stations and 24 fuel oil depots.

According to estimates, Myanmar?s fuel consumption will expand at an average of 6 percent per year during 2016-2020, outpacing Cambodia, Vietnam and Thailand.

Ahmad said that the planned acquisition of the Myanmar company forms part of Pertamina?s efforts to expand its fuel retailing business to other Asian countries including Vietnam and Thailand. Pertamina said previously that it was also looking into Cambodia and Timor Leste.

Editing by Reiner Simanjuntak