Source link.
In a time of both false information and too much info, quality journalism is more important than ever.By subscribing, you can help us get the story.
SUBSCRIBE NOW
Tokyo/Singapore– Malaysias Petronas and Japans Mitsubishi Corp. are divesting their stakes in Myanmars Yetagun gas field, the business stated, in the most recent exits by major energy companies from the country because last years military coup.A representative from Mitsubishi stated on Friday it would be tough to continue business from economic and technical points of view.The business, which indirectly holds a 1.93% stake in the Yetagun gas field off the southern coast of Myanmar, has chosen to stop the project and remains in talks with other partners in its joint venture JX Myanmar, he added.Petronas stated earlier this month that its subsidiary, PC Myanmar (Hong Kong) Ltd., operator of Yetagun field, had actually signed arrangements for the sale of its entities associated with Petronas upstream operations in Myanmar in July last year.A Petronas representative stated the deal was pending conclusion and declined to recognize the buyer.PC Myanmar (Hong Kong) holds a 40.9% stake in Yetagun, while Myanma Oil and Gas Enterprise owns 20.5%. A Japanese consortium, led by the Japanese federal government and JX Nippon Oil & & Gas Exploration, an unit of oil refinery Eneos Holdings, has a 19.3% stake while the rest is owned by PTTEP International Ltd.” Eneos is looking at numerous possibilities with its service partners,” a company representative said when asked whether it prepared to continue the gas job in Myanmar.Last month, TotalEnergies and Chevron Corp., partners in a major gas task in Myanmar, stated they were withdrawing from the country, citing the intensifying humanitarian situation following last years coup.
IMAGE GALLERY (CLICK TO ENLARGE).
