The terminal is expected to increase energy imports after a disappointing decline in foreign investment under the new democratic government that took office in January last year.
Built by Puma Energy and its local partner Asia Sun, the terminal officially opened for business over the weekend at the port of Thilwa outside Yangon, Myanmar's commercial capital.
Puma Energy Asia Sun general manager David Holden said it would cut import costs on products ranging from jet fuel to petrol and bitumen, used to make roads.
Foreign investment in Myanmar initially surged as the country began overhauling its economy after almost half a century of military rule ended in 2011.
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The biggest fall was in the oil and gas sector, which is controlled by state-owned Myanma Oil & Gas Enterprise.
Beijing, which helped shield Myanmar's former junta from international sanctions, has led the way in the race to exploit the country's lucrative energy and gem reserves.
Puma Energy, headquartered in Singapore, is one of three foreign firms in the final round of bidding to run part of Myanmar's petrol distribution market along with the Ministry of Energy.
It also wants a licence to operate petrol stations and supply them independently after new investment laws loosened restrictions for foreign companies.
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