Bisnis.com, JAKARTA – United States (US) oil company Chevron Corp said it was selling all of its assets in Myanmar to a Canadian company, MTI.
With this agreement, Chevron officially left the ASEAN country.
The deal comes a year after Chevron and other oil companies decided to leave Myanmar following a military coup in 2021. Chevron condemns human rights abuses in the country.
Reported from Reuters As of Monday (2/13/2023), Myanmar’s Communications Ministry had yet to comment on Chevron’s departure.
On Friday (2/10), Chevron said it had agreed to divest a 41.1% stake in the Yadana project to an MTI subsidiary for an undisclosed amount. Yadana is known to produce natural gas for domestic use and export to Thailand.
Previously, French oil producer TotalEnergies sold its assets and left the country in July 2022.
Chevron’s departure follows a year-long business strategy to cut sales to Myanmar’s military government. Myanmar’s government-controlled oil company, MOGE, is part of the joint venture.
Before selling its stake in Yadana, Chevron temporarily increased its stake in the project from 28% to 41% by acquiring shares of TotalEnergies.
This strategy is intended to increase control over the joint venture and reduce the profit that MOGE may derive from the transaction or the asset in the future.
A military government seized power in Myanmar in 2021 after allegations of fraud in the election won by the party of Nobel laureate Aung San Suu Kyi.
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