The China National Petroleum Corporation, in partnership with Myanmar’s Ministry of Energy, has reportedly completed the construction of a deep-sea port on Madae Island, in Rakhine state of Myanmar. The port will shelter oil tankers with a capacity of 300,000 deadweight tonnage (dwt) and a draught of 26 metres (85.3 feet). A total of five process sites at the port will export the oil through the pipeline, which will have a capacity of 22 million tonnes per year. The pipeline’s construction is scheduled to be completed in September 2013. Myanmar expects to generate annual revenues of $22 million from the oil transit fee. China will also pay $6.9 million annually for the right to transit.
