Italian-Thai seeks new investors in Myanmar project
Italian-Thai Development is in talks with new investors to replace Max Myanmar Group in the $50 billion Dawei project in Myanmar.
"Four or five local investors in Myanmar have shown interest in investing in Dawei after Max Myanmar's withdrawal. Italian-Thai is in talks with them," said Somchet Thinaphong, managing director of Dawei Development Corp.
Italian-Thai has been struggling to find backing for the 250 sq km complex, which was planned to include a deep-sea port, steel mills, refineries a petrochemical complex and power plants, although Myanmar's government has vetoed a coal-fired power station.
In April, Italian-Thai said it expected to conclude long-term financial plans for the Dawei project by the end of this year. It was seeking an initial $8.5 billion to finance infrastructure and utilities under the first phase of the project.
The company has said that by the end of 2015 it would open a $1 billion, four-lane highway to Thailand, a $1.2 billion deep-sea port plus infrastructure including a 400-MW power plant.
Somchet said Italian-Thai aimed to use liquefied natural gas (LNG) to fuel that power plant. He declined to say where it would come from.
Italian-Thai was also seeking loans from Japanese investors to help finance the project, he added.