Myanmar: Real Winners of Myanmar’s Oil and Gas Blocks Remain Hidden

Jun 26, 2014 | Global Witness
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The majority of companies recently awarded oil and gas blocks in Myanmar have failed to answer questions over who really owns them, said Global Witness as it released its survey of oil and gas company ownership in the country. 

The group commended Myanmar’s Machinery & Solutions and Myanmar Petroleum E&P Co. Ltd as the first two private companies to provide full details of their ultimate owners in response to Global Witness’ review, while highlighting that the owners of many international companies and local partners remain secret. 

Myanmar’s substantial oil and gas wealth is considered critical to its economic development. Widespreenforad secrecy surrounding company ownership raises risks that revenues could be lost to the corruption that has long plagued the country’s natural resource sector. Anonymous or secret company ownership structures are routinely used across the world to hide illicit activities from public scrutiny and law enforcement.