Businesses look abroad for new opportunities
About one year ago, the Myanmar government approved Guangzhou-headquartered Guangdong Zhenrong Energy's 5-million-metric-ton oil refinery project, the largest overseas Guangzhou-invested project along the Silk Road Economic Belt and the 21st Century Maritime Silk Road.
The oil refinery project, with a total investment of $3 billion, signifies that Myanmar will for the first time build a complete modern petrochemical system and realize self-sufficiency in refined oil products. The project will create jobs and bring about taxes worth several billion dollars annually.
Guangdong Zhenrong will acquire 70 percent of shares in the investment project, which has a three-year construction period and will adopt Chinese standards. Related capital, equipment, experts and technologies will be exported from China.
