Chiang Mai (Mizzima) – The Union of Myanmar Economic Holdings Limited (UMEHL), controlled by the Burmese army, and China on Monday extended a Memorandum of Understanding to build a petroleum refining plant in Burma capable of processing about five million tons of crude oil a year.
Jia Qinglin was the first foreign diplomatic visitor after the state power of Burma was transferred to the new government led by President Thein Sein. He is fourth most important person in the Chinese political structure.
The state-run newspaper New Light of Myanmar said on Tuesday that Managing Director U Nyi Phyu Hla of the Myanma Foreign Trade Bank under the Ministry of Finance and Revenue and President Li Ruogu of the Export-Import Bank of China signed the First Tranche Facility Agreement authorising Chinese RMB (Yuan) 30 billion credits from the Export-Import Bank of China to Myanma Foreign Trade Bank.
Moreover, China and Burma also signed a production sharing contract involving the Sabetaung, Sabetaung (South) and Kyisintaung copper mines.
China has invested US $8 billion in Burma including hydropower projects ($5 billion) and oil and gas projects ($2 billion).
Jia Qinglin also met with President Thein Sein, Lower House Speaker Thura Shwe Mann, Union Assembly Speaker Khin Aung Myint and ministers in Naypyitaw.
Talks also included Sino-Burmese border security affairs issues, according to Aung Kyaw Zaw, a Sino-Burmese border -based political analyst.
