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.