Putin says Russian companies ready to join hydrocarbon exploration, production in Myanmar

Russian President Vladimir Putin said Tuesday that Russian companies are ready to participate in hydrocarbon exploration and production projects in Myanmar.

Speaking at a joint news conference with Myanmar President Min Aung Hlaing following talks, Putin said the two countries were considering the joint construction of a power plant and an oil refinery in southern Myanmar, describing energy as a key area of bilateral cooperation.

"There are good prospects for organizing Myanmar's export of liquefied natural gas. And not only for domestic consumption, but also for transit supplies to neighboring countries," Putin said.

He said the two countries were working on several major joint projects and had adopted a package of intergovernmental and commercial agreements, with economic cooperation among their priorities.

Putin said Moscow and Naypyidaw were also discussing plans to build a deep-water seaport on Myanmar's southern coast capable of accommodating large vessels.

He also highlighted close military and military-technical cooperation between the two countries.

"Bilateral naval exercises are regularly held off the coast of Myanmar. Russian naval ships also make port calls in Myanmar," he said.

Following the Russian-Myanmar talks held during Min Aung Hlaing's official visit to Russia, the two countries also signed a joint declaration opposing sanctions and seeking to mitigate their negative consequences, as well as a memorandum on cooperation in the electronics industry and digital technologies.