Monday, August 15, 2022

Malaysian state energy company abandons Myanmar gas project

BANGKOK ( Associated Press) – Malaysia’s state-run oil and gas company Petronas announced on Friday that it is withdrawing from its participation in Myanmar’s offshore Yetagun natural gas project.

Petronas said in an announcement issued by its headquarters in Kuala Lumpur that the company, through two subsidiaries, holds a 40.9% participating interest in the project. It said its partners include Myanmar’s state oil company, Myanmar Oil and Gas Enterprise, which holds a 20.5% stake; Japan’s Nippon Oil Exploration (Myanmar) Ltd. with 19.3%; and Thailand’s PTTEP International Ltd with 19.3%.

Petronas is the latest in a series of oil companies to withdraw from operations in Myanmar this year. Others include Australia’s Woodside Petroleum, France’s Total Energies and American company Chevron Corp. Those companies said they were withdrawing because of concerns over the human rights record of Myanmar’s military regime, which seized power in February last year after ousting Aung San’s elected government. Sue.

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In addition to ethical concerns, economic sanctions imposed on Myanmar by the United States and other Western countries have complicated doing business with Myanmar.

Petronas’ statement did not mention political or ethical concerns for the company’s actions.

“The decision was made following a thorough techno-commercial review in alignment with Petronas’ asset rationalization strategy for a portfolio that fits with its growth ambitions amid the changing industry environment and accelerated energy transition,” it added. said.

The brief statement also did not specify who would take the company’s share in the project.

Gas from the project goes by pipeline to Thailand, as does gas from Yadana, another region in Myanmar.

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