Malaysia’s Petronas and Japan’s Mitsubishi Corp. have announced they will sell shares in Myanmar’s Yedagun gas project. These companies are the last of the major energy companies to leave Myanmar since February 1 last year. A Mitsubishi spokesman told Reuters on February 18 that it would be difficult to stay afloat from a technical and economic point of view. The company indirectly owns 1.93% of its investment in the Yedagun gas project off the south coast of Myanmar.
They have already decided to leave the project, and talks were under way with partner companies from Japan. Petrtronas’s PC Myanmar (Hong Kong) Limited, a subsidiary of the Yedagun project, signed an agreement in July last year to sell Petronas’s investment in Myanmar. Petronas told Reuters earlier this month. A Petronas spokesman said the transfer was nearing completion but declined to name the buyer. PC Myanmar (Hong Kong) Limited has a 40.9% stake in the Yedagun project, with Myanmar Oil and Gas Corporation (MOGE) owning 20.5%.
In addition, a Japanese joint venture led by the Japanese government and JX Nippon Oil and Gas Exploration, a subsidiary of Eneos Holding, has a 19.3 percent stake, with the rest owned by PTTEP International of Thailand. “Eneos Corporation is in talks with partners on various possibilities,” a company spokesman told Reuters whether there were any plans to continue the gas project in Myanmar. Total Energies and Chevron, two energy companies involved in a Yadana gas project in Myanmar, are also in Myanmar. It announced last month that it would close its operations due to the deteriorating human rights situation.
Source: Daily Eleven