July 2012, Vol. 239 No. 7

Projects

Foreign Investors Back Burma Pipeline Project

A Rigzone report says Burmese workers are building what is being called “one of the most lucrative foreign-funded development projects in the country’s history.”

The twin oil pipelines will stretch from Burma’s west coast to its northeast border and into China. The pipelines are expected to earn Burma about $1 billion per year, however, not everyone is a supporter.

According to the report, a group of foreign investors backed the project but most of the financing is from China. To win over local critics, the report says China National Petroleum Corporation is donating several million dollars to build health clinics, wells and schools. Engineers say the pipeline should be completed next year.