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Eased Sanctions Widen Doorway to Myanmar Oil and Gas Sector |
August 18, 2012
Previously published on August 2012
On July 11, 2012, the United States formally eased certain sanctions relating to “new investment” in the Union of Myanmar (“Myanmar”) and on the exportation of financial services to Myanmar. This change in the scope of the Burmese Sanctions Regulations, implemented by General License Nos. 16 and 17 and issued by the U.S. Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), will allow, under certain circumstances, U.S. individuals and entities to invest in Myanmar’s oil and gas sector for the first time in 15 years.
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