The Organisation of Petroleum Exporting Countries (OPEC) will assist Myanmar in building two edible oil mills worth $5 million, reports Xinhua.
The projects, which also involve the UN Food and Agricultural Organisation (FAO), will be implemented in this capital city and the second largest city Mandalay, the FAO resident representative was quoted as saying by the 7-Day News journal Thursday.
OPEC is currently implementing a $12 million project to help Myanmar upgrade its oil crops production for self-sufficiency. The government will provide another $2 million for the venture.
The five-year project, the biggest since 1988, will assist farmers in 36 main oil seed growing areas and deal mainly with the development of oil palm and four oil seed crops - sesame, groundnut, sunflower and soybean.
Myanmar obtained OPEC's international development fund in May 2003, which was provided at an annual interest rate of one percent payable in 25 years.
OPEC has previously provided Myanmar with loans for agriculture, telecommunications, energy, transport and water supply improvement networks.
According to official statistics, Myanmar produces around 250,000 tonnes of edible oil annually and imports the same amount of palm oil to meet its local demand. Its cultivated areas of oil crops have reached 2.8 million hectares.
The country has been making efforts to turn southern Tanintharyi division into an oil bowl. Companies from Malaysia and Thailand are carrying out feasibility studies for investment in oil palm cultivation in Myanmar.
Indo-Australia committed to resolve agri-trade issues
Publish Date : 3/3/2007 7:21:00 AM
The agri-trade has become a very contentious issue in the World Trade Organisation (WTO), but India and Australia have agreed to resolve issues coming in the way of trade in agricultural goods by setting up a mechanism.
RBI to absorb more liquidity to contain inflation
Publish Date : 3/3/2007 7:11:00 AM
In a bid to further contain inflation, Reserve Bank of India today announced a modified market stabilisation scheme (MSS) and liquidity adjustment facility (LAF) to suck out Rs 11,500 crore from the system.
Gold and Silver prices turn distinctly weak
Publish Date : 3/3/2007 7:03:00 AM
Both the precious metals today turned distinctly weak on the bullion market as silver plunged by Rs 570 and gold by Rs 155 on heavy stockists offerings tiggered by sharp fall in the global markets.
Further fall in gold and silver prices
Publish Date : 3/2/2007 7:06:00 AM
Both the precious metals continued to decline on the bullion market here today on sustained offering from stockists in view of fall in the international markets.
Rupee ends marginally up at 44.26/27 a dollar
Publish Date : 3/2/2007 7:03:00 AM
The rupee today ended marginally higher at Rs 44.26/27 a dollar, supported by a smart recovery on equity markets coupled with fresh exporters' dollar sales.
Hyundai domestic sales up 74 pc in Feb
Publish Date : 3/2/2007 7:01:00 AM
Hyundai Motor India today reported a 74 per cent increase in its domestic vehicle sales during February at 15,459 units compared to the same month last year.
Hutchison Telecom files caveat fearing legal move by Essar
Publish Date : 3/2/2007 6:59:00 AM
Hong Kong-based Hutchison Telecom has filed a caveat before the Bombay High Court to ensure that its plea is heard in case Essar moves the court, challenging the the foreign partner's decision to sell stake to Vodafone.
Skoda slashes car prices up to Rs 24,000
Publish Date : 3/2/2007 6:56:00 AM
As car makers Maruti and Hyundai announced a hike in prices, luxury car maker Skoda Auto today slashed prices across all models by up to Rs 24,000 citing reduction in customs duty on imported car parts in the Budget.
Bond prices continue to decline
Publish Date : 3/1/2007 8:30:00 AM
Government bond prices continued to decline on persistent selling while call rates eased in view of ample liqudity in the system.
India should be more conscious of global developments: RBI
Publish Date : 3/1/2007 8:19:00 AM
The Reserve Bank of India today said the steep fall in Indian stock markets was a contagious effect of plunge in overseas bourses and the country should have strong market and regulatory mechanism to avoid disruption in markets.
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