Business & Economy

Thai, Malaysian oil companies pull out of Myanmar gas project

Bangkok, Apr 30 (EFE).- Thailand’s oil state-run oil company PTTEP and Malaysia’s Petronas have withdrawn from the Yetagun gas project, becoming the latest energy firms to pull out from Myanmar after a military coup in February 2021.

“The withdrawal is part of the company portfolio management to refocus on projects that support the energy security for the country,” PTTEP chief executive Montri Rawanchaikul said in a statement late on Friday.

PTTEP said its stake would be reallocated proportionately to the remaining shareholders with no commercial value, pending regulatory approval.

The Thai company has a 19.3 percent stake in the Yetagun gas field in the waters of southern Myanmar. Carigali, a subsidiary of Petronas, owns 40.9 percent.

The Myanmar public has a 20.5 percent stake, and the Japanese Nippon Oil has 19.3 percent.

Petronas, operating the project since 2003, said the decision followed a review of the “asset rationalization strategy” to adapt to the “changing industrial environment and accelerated energy transition.”

International energy companies like Chevron and Total pulled out of Myanmar after the military coup ended the fledgling Myanmar democracy.

The companies denounced alleged human rights abuses committed by the coup junta.

At least 1,803 people have died in the alleged brutal repression of Myanmar security forces on peaceful and unarmed protesters, nonprofit Assistance Association for Political Prisoners data showed.

AAPP said the security forces had arrested 13,496 people since the protests broke out against the military for toppling an elected government of Aung San Suu Kyi-led National League for Democracy.

The United Nations High Commissioner for Human Rights alleges that the Myanmar army has committed war crimes and crimes against humanity, including arbitrary arrests, torture, death of civilians, burning of villages, and extrajudicial executions. EFE


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