TotalEnergies Has Definitively Withdrawn from Myanmar
July 20 2022 - 5:59AM
Business Wire
Regulatory News:
On January 21, 2022, TotalEnergies (Paris:TTE) (LSE:TTE)
(NYSE:TTE) announced its decision to withdraw from the Yadana field
and from gas transportation company MGTC in Myanmar, both as
shareholder and as operator. In a context of continuing
deterioration of the human rights situation in Myanmar, this
decision resulted from the assessment that 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. In accordance with the contractual 6-month notice
period, this withdrawal becomes effective on this 20 July 2022.
This withdrawal was made in compliance with the European sanctions
put in place in February 2022.
Since January 2022, TotalEnergies has continued to act as a
responsible operator and has undertaken due diligence to ensure its
withdrawal in a responsible manner towards its stakeholders in
Myanmar, including its employees as well as the long-standing
supported local communities. As such, TotalEnergies worked closely
with PTTEP, Thailand's national company, which was appointed as the
new operator by the project partners, to guarantee the continuity
and safety of production at the Yadana gas field while ensuring an
orderly transfer of operations.
All our employees in Myanmar were offered employment with the
new operator, under the same job and salary conditions, thus
securing their professional future. In addition, a complementary
support agreement, through a contribution to a dedicated fund, was
also set up between TotalEnergies and PTTEP to continue the
historic economic development program with local communities in the
MGTC pipeline area.
As TotalEnergies definitively withdraws from Myanmar, our
Company repeats its condemnation of the abuses and human rights
violations taking place in this country and reaffirms its support
to the people of Myanmar and its hope for a swift return to peace
and rule of law.
***
About TotalEnergies
TotalEnergies is a global multi-energy company that produces and
markets energies: oil and biofuels, natural gas and green gases,
renewables and electricity. Our more than 100,000 employees are
committed to energy that is ever more affordable, cleaner, more
reliable and accessible to as many people as possible. Active in
more than 130 countries, TotalEnergies puts sustainable development
in all its dimensions at the heart of its projects and operations
to contribute to the well-being of people.
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consolidated entities that are directly or indirectly controlled by
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forward-looking information and statements that are based on a
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inaccurate in the future and are subject to a number of risk
factors. Neither TotalEnergies SE nor any of its subsidiaries
assumes any obligation to update publicly any forward-looking
information or statement, objectives or trends contained in this
document whether as a result of new information, future events or
otherwise. Information concerning risk factors, that may affect
TotalEnergies’ financial results or activities is provided in the
most recent Registration Document, the French-language version of
which is filed by TotalEnergies SE with the French securities
regulator Autorité des Marchés Financiers (AMF), and in the Form
20-F filed with the United States Securities and Exchange
Commission (SEC).
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