Three of four Chinese liquefied-natural-gas power plants near the Kyaukphyu deepsea port in Rakhine state in western Myanmar have shut down, according to a report by Irrawaddy, which said two plants operated by Hong Kong-listed VPower stopped operating and were dismantled last year, while a third shut recently because of a limited supply of LNG, while the plunge of the kyat against the US dollar since the coup in early 2021 has made such operations – which were part of China’s Belt and Road Initiative – unfeasible.
The banking crisis caused by the coup led to cash shortages, which created “huge problems for foreign companies“, plus the electricity ministry is “short of funds to pay electricity suppliers”, the report said, so foreign investors have been hit hard by the lack of political and economic stability. Widespread opposition to the coup has spurred a revolution now being fought on many fronts.
Read the full report: Irrawaddy.
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