TotalEnergies Definitively Pulls Out of Myanmar
July 20 2022 - 6:24AM
Dow Jones News
By Giulia Petroni
TotalEnergies SE said Wednesday that it has fully withdrawn from
Myanmar, citing deteriorating humanitarian conditions in the
country since the military coup last year.
The French oil-and-gas major said it has decided to withdraw
from the Yadana gas field and from gas transportation company MGTC
both as operator and shareholder.
"TotalEnergies was no longer able to make a sufficiently
positive contribution in the country, and was not able to meet the
expectations of stakeholders who were asking to stop the revenues
going to the Burmese state through the state-owned company MOGE
from the Yadana field production," the company said.
TotalEnergies also said it worked closely with the new operator,
Thailand's national company PTTEP, in order to guarantee continuity
of production at the Yadana field.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
July 20, 2022 06:09 ET (10:09 GMT)
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