China, Myanmar to start up pipeline

China

BEIJING, April 10, 2017 – China and Myanmar have reached an agreement over an oil pipeline project that has been stuck in limbo for two years, international media reported on Monday.

The 440,000-bopd pipeline linking Kyaukpyu port in Myanmar to Kunming in China’s southeastern Yunnan province was completed by CNPC in 2015, but the Myanmar government delayed the start of operations by demanding higher transit fees.

Following an agreement between the two countries, it is expected to come on stream “very quickly,” China’s deputy foreign minister Liu Zhenmin was quoted as saying by Reuters on Monday.

The news came as the board of Saudi Aramco was making preparations to meet in China next month, a separate Reuters report claimed, as the company seeks to attract Chinese investors to its upcoming IPO.