Chevron agrees to sell Myanmar assets and will leave the country | – #Chevron #agrees #sell #Myanmar #assets #leave #country
HOUSTON, 10 February (Reuters) – USAOil company Chevron Corp ( CVX.N ) said on Friday it had agreed to sell its Myanmar assets to Canada’s MTI, allowing it to leave the Asian country.
Agreement between Chevron and other oil companies in 2021 military it comes a year after he decided to leave Myanmar after the coup. Chevron in the country of human rights condemned the violation.
Myanmar’s Ministry of Communications did not immediately respond to a request for comment.
on friday USA announced that its company has agreed to sell its 41.1% stake in the Yadana Project to a subsidiary of MTI for an undisclosed sum. Yadana natural for internal use gas manufactures and exports to Thailand.
French oil producer TotalEnergies sold its assets and left the country in July 2022.
The sale of Chevron, military follows a year-long business strategy in which it seeks to reduce revenue from sales that will end with the government. Myanmar’s state-controlled oil company MOGE was part of the joint venture.
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Before putting its stake in Yadana up for sale, Chevron temporarily increased its stake in the project from 28% to 41% with TotalEnergies’ interest.
The strategy was aimed at gaining more control over the joint venture and reducing what MOGE could gain from the operation or asset in the future.
Military the government seized power in 2021 after claiming fraud in a general election won by Nobel laureate Aung San Suu Kyi’s party.
Reporting by Sabrina Valle. Edited by Gerry Doyle
Our standards: Thomson Reuters Trust Principles.
2023-02-11 06:18:24
Source – reuters
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