Myanmar loaned over US$1.6 billion from China for three oil and gas projects and has paid back over US$231 million plus interest of over US$418 million, according to a press conference on the report of EITI (Extractive Industries Transparency Initiative) for 2014-2015 fiscal year and 2015-2016 FY.

The press conference was held at Sule Shangri La Hotel in Yangon on June 28.

"The reason why took such a loan is that at that time the US imposed economic sanctions on us. China was the only country we could get loans from. To run those projects, we sought the loan from China with 4.5 percent interest rate. The loan period is 30 years," said Than Htay Aung, alternate member-government of Myanmar Oil and Gas Enterprise (MOGE).

The three projects are the Yadana-Yangon gas pipeline project, the Southeast Asia gas pipeline and Shwe Offshore gas project and the Southeast Asia crude oil project.

MOGE earned 76 percent of all taxes on extraction of national resources from oil and gas production in 2015-2016 FY.