The text of the following statement was released by His Excellency Union Minister of Energy U Than Htay of Myanmar and Special Envoy and Coordinator for International Energy Affairs Carlos Pascual.

Begin Text: The energy sector plays a vital role in the economies of both our countries. If properly managed, oil and gas revenues can make an important contribution to economic development, and the sector can help supply the electricity needed to grow the economy, including to run businesses, schools, and hospitals. Managing the energy sector transparently and in line with international best practices is an objective of both our governments. Transparency reduces the risk of corruption, and helps citizens to hold their governments accountable for spending natural resource revenues. Transparency also helps companies operate with the free, prior, and informed consent of affected communities, which can improve the operating environment for industry, and help reduce the risk of conflict associate with resource development.

Both our governments also strive to ensure international best practices are used in safety and environmental stewardship in the energy sector. Protecting our citizens and our countries’ natural environment are critically important priorities. more…