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KUALA LUMPUR/YANGON, April 30 (Reuters): Malaysia’s state power agency Petronas on Friday (April 29) stated it has withdrawn from Blocks M12, M13 and M14 situated within the Yetagun fuel discipline off Myanmar, the newest exit by a serious power firm since final yr’s navy coup.
Worldwide corporations doing enterprise in Myanmar have come beneath stress from rights teams and Myanmar’s shadow civilian authorities to evaluation their operations and cease funds flowing to a navy authorities that seized energy from an elected authorities and has brutally cracked down on dissent.
Petronas’ transfer follows Japan’s Mitsubishi Corp, which not directly held a minority stake within the Yetagun discipline and in February stated it was divesting its stake.
Petronas in its assertion didn’t point out the turmoil in Myanmar as a cause for the withdrawal and stated as an alternative “the choice was made following a radical techno-commercial evaluation.”
Petronas subsidiary PC Myanmar (Hong Kong) Ltd, which had operated the Yetagun challenge since 2003, held a 40.9% stake. Myanmar Oil and Gasoline Enterprise owns 20.5%.
A Japanese consortium, led by the Japanese authorities and JX Nippon Oil & Gasoline Exploration, a unit of oil refinery Eneos Holdings, has a 19.3% stake whereas the rest is owned by PTTEP Worldwide Ltd.
Eneos in March stated it goals to withdraw from the challenge in response to “social points”, amid criticism that the challenge is funding Myanmar’s navy junta. – Reuters
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