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By Aye Min Soe
Yangon, 13 Oct — Energy Bill setting limits on extraction and selling the energy resources and on electricity production has been drafted in October and will be put forward to the parliament which resumes on Monday, according to the Ministry of Energy.
The bill which is expected to be enacted as a law next year allows extraction and selling of natural gas within the limits by the law, according to the ministry.
The Energy Bill is drafted by experts from Ministry of Electric Power, Ministry of Energy, Myanmar Engineering Association, Ministry of Industry and Union of Myanmar Federation of Chambers of Commerce and Industry.
The Ministry of Energy is planning to use natural gas extracted inland and offshore as from the 2014-2015 fiscal year just for generating electricity
as part of efforts for supplying electricity to the whole country within more than two years. Rising production of natural gas is one of the factors which have supported the country’s economy to be on tract to grow by 7.8 percent in both Fiscal Year 2014
(ending 31 March 2015) and in FY 2015, according to IMF.
Myanmar has one of the lowest electrification rates in the world, with only 33 percent of the population has an electricity connection, the World Bank said.
The World Bank Group is committed to Myanmar’s energy development. In January 2014 President Jim Yong Kim announced $1 billion in financial support to expand electricity generation, transmission and distribution in the country.