Why Elite Petrochemical Has Continued To Embark On Supply Of Eco-Friendly Fuel

Despite the political turbulence, the new Myanmar government has continued to embark on strategies of attracting investors, especially for its offshore oil and gas ventures. In an effort to reach out to international investors, Myanmar kept has kept the following factors in mind. First, Myanmar opted not to impose onerous requirements for importing and supply of LPG products domestically as people rumored that it would happen once it came to power in 2011. As a consequence, the government has incorporated foreign investors who have continued to invest in the industry. Second, Myanmar imposed the local employment quotas for offshore oil projects to ensure local knowledge transfer. Such quotas have benefited the residents and soothed the nationalist sentiments and curbed the alienation of foreign investors because this nation already has a fairly skilled workforce in the LPG industry.

Myanmar also has continued to engage local stakeholders when designing and implementing offshore oil and gas projects. Such measures address concerns that the projects impact the local ecosystems and communities. From a more business-oriented perspective, oil and gas projects with local buy-in meet less opposition, making a major disincentive to foreign investment. Elite petrochemical is one of the companies that has taken the advantage of new government initiatives by collaborating with the government in the exploration of oil and gas fields in Myanmar. In particular, in May 2018, Elite Petrochemical managed to launch the first private-sector terminal facility at Thilawa. Through the terminal and investment in transport logistics such as trucks, Elite has supplied its products to thousands of people in Myanmar.

Elite Petrochemical supplies an eco-friendly fuel under the brand name "eff." Through this company, the company purposes to capture the increasing share of the LPG market in Myanmar by providing customers with affordable LPG products and excellent customer services. Further, Elite purposes to focus on its investment portfolio by taking advantage of the rapidly growing domestic market for Myanmar oil and gas products. Not only that, Elite has continued to embark on LPG supply especially to the rural population to promote environmental conservation because people will abandon the use of charcoal and firewood.