TotalEnergies to Withdraw From Myanmar -- Update
January 21 2022 - 5:41AM
Dow Jones News
By Giulia Petroni and Olivia Bugault
TotalEnergies SE said Friday that it has decided to withdraw
from Myanmar, citing stakeholder pressure as the situation in the
country has continued to worsen since the military coup last
year.
The French oil-and-gas major said it hasn't been able to meet
stakeholders' expectations of stopping financial flows going from
the Yadana field--which the company operates--to the Myanmar state
through national oil company Myanma Oil and Gas Enterprise.
"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," it said.
Partners in Yadana and at the Moattama Gas Transportation
Company Limited, or MGTC, have been notified of the withdrawal,
which will be effective at the expiry of the six-month contractual
period at the latest.
During this period, TotalEnergies said it will continue to act
as operator of the field and ensure continuity of gas
deliveries.
The company said it has also asked the French government to put
in place targeted sanctions on financial flows without shutting
down production, but hasn't identified any means for doing so.
Write to Giulia Petroni at giulia.petroni@wsj.com and Olivia
Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
January 21, 2022 05:26 ET (10:26 GMT)
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