BANGKOK: Thailand’s oil and gas conglomerate PTTEP and Malaysia’s Petronas announced Friday they would withdraw from the Yetagun gas project in coup-hit Myanmar.
There has been an exodus of global energy companies from Myanmar including Chevron and TotalEnergies following last year’s military takeover and subsequent allegations of human rights abuses.
More than 1,800 civilians have died during a military crackdown and more than 13,000 have been arrested, according to a local monitoring group. Petronas subsidiary Carigali holds a roughly 41 percent stake in the Yetagun project while PTTEP has a 19.31 share.
“The withdrawal is part of the company’s portfolio management to refocus on projects that support the energy security for the country,” PTTEP chief executive Montri Rawanchaikul said in a statement Friday.
PTTEP said its stake will be reallocated proportionately to the remaining shareholders with no commercial value, effective upon regulatory approval. Petronas, which has operated the project since 2003, said in a statement the decision followed a review and was part of an “asset rationalisation strategy” to adapt to “the changing industry environment and accelerated energy transition”.
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