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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