Kirin’s flagship brand Myanmar Beer in Myanmar Malaysian oil giant Petronas and Japanese conglomerate Mitsubishi are divesting their stakes in Myanmar’s Yetagun gas field, the companies said on Feb. 18, the latest major exit from the country since a military coup last year. Mitsubishi said it would be “difficult” to continue its business technically and economically, and decided to sell its 1.93% indirect stake in the Yetagon gas field in Martaban Bay in the Andaman Sea, Reuters reported. For the remaining partners, JX Nippon…
Malaysian oil giant Petronas and Japanese conglomerate Mitsubishi are divesting their stakes in Myanmar’s Yetagun gas field, the companies said on Feb. 18, the latest major exit from the country since a military coup last year.
Mitsubishi said it would be “difficult” to continue doing business both technically and economically. Reuters, It has therefore decided to sell its indirect 1.93% stake in the Yetagun gas field in Martaban Bay in the Andaman Sea to the remaining partners, namely JX Nippon Oil & Gas Exploration, Thailand’s PTT Exploration and Production or PTTEP and Myanmar’s state-owned Myanmar Petroleum and Gas Enterprise, a holding company controlled by the military.
Petronas has signed sales agreement
Petronas said its subsidiary PC Myanmar (Hong Kong) Ltd, the operator of Blocks M12, M13 and M14 of the Yetagun field, signed an agreement in July last year to sell its upstream operations in Myanmar linked to Petronas. of all entities. to an unnamed buyer in 2018, noting that the deal is pending completion.
PC Myanmar holds a 40.91 percent stake in Yetagun, while Myanmar Oil and Gas Enterprise owns 20.45 percent. JX Myanmar, a Japanese consortium led by JX Nippon Oil & Gas Exploration, holds a 19.32% stake, while PTTEP International holds the rest.
In January, France’s TotalEnergies and U.S.-based Chevron, two of the world’s largest energy groups and partners in a major natural gas project in Myanmar, Say They evacuated the country, citing the worsening humanitarian situation following last year’s coup.
Kirin exits partnership with military holding company
Meanwhile, Kirin Brewery, a Japanese beer company owned by Mitsubishi Corp, which operates the Myanmar Brewery and Mandalay Brewery in partnership with the military-owned Myanmar Economic Holding Company, has finally decided to leave Myanmar as well.
The decision was announced on February 14, after a year of Negotiations fail Terminate a joint venture with its local partner and form a partnership with a civilian company. Kirin said it would “withdraw” from Myanmar by June 2022.
Other Japanese companies, including civil engineering firm Yokogawa Bridge Corporation, real estate firm Tokyo Tatemono, and construction and mining group Fujita, are expected to follow suit as recommended by the UN-backed international Fact-Finding Mission on Myanmar to financially isolate Myanmar, according to the U.S.-based firm. The advocacy group Human Rights Watch said the military has also curbed its abuse of power.
