Moscow: Russian President Vladimir Putin announced on Tuesday that Russian companies are prepared to engage in hydrocarbon exploration and production projects in Myanmar. This statement was made during a joint news conference with Myanmar President Min Aung Hlaing following their bilateral discussions.

According to Anadolu Agency, the talks also involved discussions on the potential joint construction of a power plant and an oil refinery in southern Myanmar, indicating energy as a focal point of collaboration between the two nations. President Putin emphasized the possibilities for Myanmar to export liquefied natural gas, not just for local use but also for distribution to neighboring countries.

The discussions highlighted several major joint projects, leading to the adoption of a series of intergovernmental and commercial agreements, with economic cooperation being prioritized. Additionally, plans for constructing a deep-water seaport on Myanmar's southern coast were also under consideration, which would be capable of accommodating large vessels.

Putin also noted the strong military and military-technical relationships between Russia and Myanmar, mentioning the regular bilateral naval exercises off Myanmar's coast and the frequent port calls by Russian naval ships.

The meeting concluded with the signing of a joint declaration opposing sanctions and striving to mitigate their adverse effects. Furthermore, a memorandum on cooperation in the electronics industry and digital technologies was also signed, marking a significant step in the bilateral partnership.