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Thai oil firm PTTEP’s topside jack-up rig in Batam, on Indonesia’s Riau Island. / AFP
By AFP 16 March 2022
Thai power firm PTTEP has mentioned it is going to take over the operating of Myanmar’s important Yadana fuel area following the withdrawal of world giants Chevron and TotalEnergies in January.
The US and French companies mentioned they’d pull out of Myanmar following rising worldwide strain from human rights teams to chop monetary ties with the junta after final 12 months’s navy coup.
The Yadana fuel area within the Andaman Sea offers electrical energy to Myanmar and Thailand, considered one of plenty of fuel tasks that Human Rights Watch says make up Naypyitaw’s single largest supply of international forex income, producing greater than US$1 billion yearly.
“After the choice of TotalEnergies to withdraw from Yadana venture, PTTEP has totally thought of to take a step because the successor operator so as to guarantee [there is] no interruption of pure fuel provide,” PTT Exploration and Manufacturing Public Firm (PTTEP) mentioned in a press release Monday.
PTTEP—a unit of Thailand’s majority state-owned power agency PTT—will take management of operations from July 20, saying “continuity in fuel manufacturing and stopping disruption to power demand” was of utmost significance.
The sphere accounts for roughly 50 p.c of Myanmar’s fuel demand, PTTEP mentioned, and round 11 p.c of Thailand’s.
In latest weeks, Myanmar has been hit by a collection of energy outages, forcing folks in industrial capital Yangon to queue for water, with the junta blaming rising fuel costs and assaults by anti-coup fighters on infrastructure.
The junta has pursuits in massive swathes of the nation’s economic system, together with oil and fuel.
Different worldwide companies, together with British American Tobacco and French renewable power agency Voltalia, have additionally pulled again from Myanmar because the coup final 12 months.
Greater than 1,600 folks have died within the subsequent navy crackdown and 11,000 have been arrested, in line with an area monitoring group.
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