TotalEnergies Exits Myanmar
January 21 2022 - 4:29AM
Dow Jones News
By Olivia Bugault
TotalEnergies SE said Friday that it is withdrawing from Myanmar
citing shareholder pressure and the situation that has been
worsening in the Southeast Asian country since a coup in February
of last year.
TotalEnergies said that it has been taking actions since the
coup but it failed to meet shareholders expectations, who asked
that revenue going to the state from state-owned oil company MOGE
from the Yadana field to be stopped. "In fact, this is materially
impossible for TotalEnergies," it said.
"TotalEnergies has decided to initiate the contractual process
of withdrawing from the Yadana field and from MGTC in Myanmar, both
as operator and as shareholder, without any financial compensation
for TotalEnergies," it said.
Partners in Yadana and MGTC have been made aware of the decision
today and the withdrawal will be effective at the expiry of the
six-month contractual period at the latest, the company said.
The French oil-and-gas giant said that considering human rights
and rule of law in Myanmar, it isn't possible anymore for the
company to "make a sufficiently positive contribution in the
country."
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
January 21, 2022 04:14 ET (09:14 GMT)
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