COMPANY NEWS IN BREIF
TotalEnergies withdraws from Myanmar
French energy group TotalEnergies said on Friday it had decided to withdraw from Myanmar because of the worsening human rights situation there, becoming the latest Western company to pull out following a coup there last year.
Since the coup, Myanmar security forces have killed more than 1 400 people and arrested thousands to try to crush resistance, local non-governmental organisation Assistance Association for Political Prisoners said. The Junta disputes the figures.
"The situation, in terms of human rights and more generally the rule of law, which have kept worsening in Myanmar since the coup of February 2021, has led us to reassess the situation and no longer allows TotalEnergies to make a sufficiently positive contribution in the country," it said in a statement.
"As a result, TotalEnergies has decided to initiate the contractual process of withdrawing from the Yadana field and from MGTC in Myanmar, both as operator and as shareholder, without any financial compensation for TotalEnergies."
The junta seized power alleging widespread fraud in a November 2020 election won by a landslide by the civilian government led by Aung San Suu Kyi. International and local monitoring groups said there were no major irregularities with the vote.-Reuters
French energy group TotalEnergies said on Friday it had decided to withdraw from Myanmar because of the worsening human rights situation there, becoming the latest Western company to pull out following a coup there last year.
Since the coup, Myanmar security forces have killed more than 1 400 people and arrested thousands to try to crush resistance, local non-governmental organisation Assistance Association for Political Prisoners said. The Junta disputes the figures.
"The situation, in terms of human rights and more generally the rule of law, which have kept worsening in Myanmar since the coup of February 2021, has led us to reassess the situation and no longer allows TotalEnergies to make a sufficiently positive contribution in the country," it said in a statement.
"As a result, TotalEnergies has decided to initiate the contractual process of withdrawing from the Yadana field and from MGTC in Myanmar, both as operator and as shareholder, without any financial compensation for TotalEnergies."
The junta seized power alleging widespread fraud in a November 2020 election won by a landslide by the civilian government led by Aung San Suu Kyi. International and local monitoring groups said there were no major irregularities with the vote.-Reuters
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