HomeBusinessForeign companies withdrawing from Myanmar after coup

Foreign companies withdrawing from Myanmar after coup

Woodside Petroleum on Thursday joined multinational oil majors Chevron and TotalEnergies in plans to exit Myanmar, practically a 12 months after a army coup plunged the Southeast Asian nation into turmoil.

Since the coup, Myanmar safety forces have killed greater than 1,400 folks and arrested 1000’s, native non-governmental organisation Assistance Association for Political Prisoners has stated. The army authorities disputes the figures.

International companies doing enterprise within the nation have come underneath stress from rights teams to evaluation their operations to cease funds flowing to a army authorities that seized energy on Feb. 1.

The oil and gasoline sector is among the nation’s largest sources of overseas income.

MARCH 2021

Nearly 60 days after the February coup, French renewable energy producer Voltalia stated it might withdraw from its website within the nation, the place it employed 43 on-site employees, largely locals.

APRIL 2021

South Korean steelmaker Posco pledged to finish a three way partnership with Myanmar Economic Holdings(MEHL), an organization managed by the army.

Posco additionally stated it didn’t consider its unit POSCO International’s gasoline tasks in Myanmar had a direct hyperlink to the army.

MAY 2021

France’s TotalEnergies and U.S. vitality firm Chevron stated they’d droop some funds that will have reached the Myanmar army authorities from their Yadana gasoline three way partnership.

But TotalEnergies additionally stated halting manufacturing on the Yadana gasoline fields, which provide Thailand and Myanmar, would expose the group and staff to authorized threats and penalise the area when it comes to vitality entry.

A variety of international companies, together with McKinsey and Coca-Cola stated they’ve moved out or are reviewing leases of workplace area on military-owned land.

JUNE 2021

Norwegian pension fund KLP stated it was divesting from Adani Ports and Special Economic Zone Limited on the grounds the corporate’s hyperlinks with the Myanmar army breach the fund’s accountable funding coverage.

Adani Ports, India’s largest port operator, deliberate to construct a container terminal within the metropolis of Yangon on land leased from a Myanmar military-owned conglomerate.

JULY 2021

Norwegian telecoms firm Telenor, certainly one of Myanmar’s greatest overseas buyers, stated it might promote operations there to Lebanon’s M1 Group.

OCTOBER 2021

British American Tobacco, the maker of Lucky Strike cigarettes pledges to stop all operations in Myanmar by the tip of the 12 months.

Adani Ports stated it was scrapping its Myanmar container terminal plans, weeks after making use of for a U.S. licence for the mission.

JANUARY 2022

A Myanmar agency will take over Telenor’s enterprise as majority shareholder in a partnership with M1 Group, sources advised Reuters, after the army leaders initially rejected the deal.

Telenor agreed to promote its majority stake in Myanmar fee service Wave Money to a Singaporean agency.

TotalEnergies and Chevron, companions within the main Myanmar gasoline mission, stated they had been withdrawing from the nation, citing the worsening humanitarian state of affairs following final 12 months’s coup.

Royal Dutch Shell Plc stated that it not held exploration licences in Myanmar as of final 12 months.

Woodside Petroleum stated it might start its formal exit from Myanmar. The Australian gasoline producer will now start the formal process to exit exploration property it holds with state-owned Myanma Oil and Gas Enterprise and different entities.

(Compiled by Sarah Morland. Editing by Jane Merriman)

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