Myanmar to buy KL crude oil

Myanmar to buy KL crude oil

KUALA LUMPUR (AP): Myanmar is buying crude oil worth US$80 million from Malaysia and an agreement on payment terms is expected Wednesday, Malaysia's national news agency reported.

The Malaysian national oil company Petronas will supply the crude, Myanmar's visiting Minister of Commerce Maj. Gen. Kyaw Than said. Officials of both countries were discussing the payment mechanism, he said.

"We have completed discussions except for the payment terms and mechanism" to buy four million barrels of crude, Bernama news agency quoted him as saying Tuesday. Wednesday's agreement will be signed with Petronas.

Malaysia and Myanmar on Tuesday signed an agreement to expand trade and enhance economic and industrial cooperation.

The governments had agreed to assist private enterprises boost trade between the two nations, said Malaysia's international trade and industry minister, Rafidah Aziz.