Russian companies want majority shares in Myanmar projects

Russian Economic Development Minister Maxim Reshetnikov said that Russian companies had requested to obtain majority shares in Myanmar investment projects until the capital payback period was reached, and that negotiations with the Myanmar junta regarding the demand were underway. Reshetnikov made the statement during the Russia-Myanmar Business Forum in Moscow on Wednesday, according to the Russia-based news agency Interfax. Junta leader Min Aung Hlaing also attended the forum. “Russian businesses have set another objective for us that we are negotiating, which is to enable our businesses to invest and maintain a majority stake in any given project during the payback period. This is necessary for Russian banks to finance projects in Myanmar,” Reshetnikov said. “I am confident that we will find a mutually acceptable solution to the matter.” He added that maintaining majority shares is also important for Russia's participation in the Dawei Special Economic Zone (SEZ) project, which includes a planned deep-sea port, a coal-fired power plant, and an oil refinery in Myanmar’s Tanintharyi Region. “Myanmar should have a solid, modern deep-water port and energy infrastructure as a power plant with projected capacity of 660 MW owing to the SEZ. We are also designing and discussing the financials to construct an oil refinery there,” Reshetnikov stated. Initiated in 2013 as a joint venture between the Italian-Thai Development Public Company Limited (ITD) and the Myanmar government, the Dawei SEZ was subsequently terminated in January 2021 due to implementation difficulties. At that time, it was calculated to cost over US$10 billion. Four years later, in February 2025, Russia and Myanmar’s military regime signed an agreement to restart the project. Reshetnikov stated that if Russian companies were to invest the capital for the project’s estimated cost, it could take 10 to 15 years to pay back the capital. Due to the lengthy pay-off period, he emphasised that Russian investors wanted to own majority shares during that period. During the Russia-Myanmar Business Forum, Russian media repeatedly emphasised Reshetnikov’s statement that Russian companies wanted to obtain majority shares. Junta-controlled newspapers reported that Patron Aung Ko Win, members of the Union of Myanmar Federation of Chambers of Commerce and Industry (UMFCCI) and its chair, Aye Win, and other Russian and Myanmar businessmen attended the forum. However, the newspapers did not report on the discussions held by the Myanmar businessmen. Regime leader Min Aung Hlaing gave the opening address at the Russia-Myanmar Business Forum, inviting Russian businessmen, investors, and technology companies to come and invest in Myanmar. Currently, mango pulp and value-added products from Myanmar are being exported to Russia, and discussions are ongoing to begin the export of rice. Russia is also involved in investment projects worth $97.359 million in Myanmar's oil, natural gas, and industrial sectors.

Russian companies want majority shares in Myanmar projects

The companies requested to obtain majority shares during the capital payback period, including for the Dawei SEZ, Russian minister says

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