Thilawa’s new oil storage and terminal were opened on Sunday, bringing the Special Economic Zone (SEZ) one step closer to completion.

According to state media, the Myanmar Port Authority has leased 420 acres of land in Thilawa to 14 private companies through agreements known as Build-Operate-Transfer (BOT) for oil depots, tanks and terminals.

Thilawa SEZ is a joint venture between Burmese and Japanese governments, with the majority of the 40 firms signed up for business in the zone from Japan.

Earlier this month, Naypyidaw received two separate loans from Tokyo both totaling over US$200 million earmarked for further development in the zone.

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Phase 1 of the SEZ, the first of its kind in Burma, was slated to become operational at the end of June. The area occupies nearly 400 hectares of littoral land, some 25 kilometres southeast of Rangoon, and is predicted to employ more than 50,000 people when fully functional.

Read more background on Thilawa HERE