Wednesday, September 20, 2017

US firm inks JV deal

US-based construction firm Holloman Corporation and Myanmar’s Young Investment Group have both invested US$200 million to set up the Young Holloman Corporation in Myanmar, the firms announced.

U Thiha Aung, chairman of the Young Investment Group, said that the joint-venture will establish a cement-batching plant before investing further in construction and oil and gas.

“We’re planning to build two cement-batching factories, one in Thilawa Industrial Zone and the other in Thingangyun township, producing quality products,” he said.

The factories, to be built within six to eight months with a total investment of $100 million, will use domestic raw materials, he said.

“We plan to produce up to 280 cubic metres a day,” said U Thiha Aung.

The corporation has also invested $100 million to explore oil, said Grant Petersen, managing director of Holloman Corporation in the Asia region.

“We will conduct a survey for environmental and social impact assessments in Yanan-Inntaw in the Chindwin area in Sagaing Region and Taungoo-Pyinmana in Bago Region,” he said.

“We will start the survey in mid-2014 and it is expected to be finished within six months,” said U Aung Win, a spokesperson for the Young Investment Group.

The Ministry of Energy will consult some 10 companies that won tenders and give guidelines to carry out the survey. If the Myanmar Convention Commission approves, the companies will begin exploration, he said.