Thailand-based natural gas company stalls move on Myanmar following coup

Following the withdrawal of its French and US partners from a gas production project in Myanmar, Thailand’s PTT Exploration and Production Plc is stalling its next move by saying that it will make an official announcement early next month on whether to keep ties with the military in Myanmar or not.

US-based Chevron Corp and France-based Total Energies both announced that they will stop operations in the country due to the worsening humanitarian situation following the military coup and bloody crackdown by security forces. Activists have been campaigning for the two companies to withdraw from Myanmar as the operations are a major source of revenue for the military junta.

PTTEP, which has invested in the Yadana gas project off Myanmar’s southwestern coast and Moattama Gas Transportation Company, was poised to take over the holdings of its two partners according to earlier reports. The finance division’s senior vice-president, Orachon Ouiyamapun, told investors yesterday that the company had only gotten a notice letter from Total Energy in France but had yet to get one from Chevron in the US.

“Our executives are looking into this issue to decide on the next move. We plan to inform the public early next month.”

Total Energy owns 31.24% of the company, while Chevron owns 28.3%. PTTEP owns 25.5% of the company, while MOGE owns the rest. It intends to raise sales by 12% this year to 467 kilo barrels of oil equivalent per day, up from an average of 416 kilo barrels last year, according to Orachon.

SOURCE: Bangkok Post |DW