Thailand-based natural gas firm stalls transfer on Myanmar following coup

Following the withdrawal of its French and US companions from a fuel manufacturing challenge in Myanmar, Thailand’s PTT Exploration and Production Plc is stalling its next move by saying that it is going to make an official announcement early subsequent month on whether to maintain ties with the military in Myanmar or not.
US-based Chevron Corp and France-based Total Energies both introduced that they will stop operations within the nation due to the worsening humanitarian situation following the navy coup and bloody crackdown by security forces. Activists have been campaigning for the 2 firms to withdraw from Myanmar because the operations are a serious income for the army junta.
PTTEP, which has invested within the Yadana fuel challenge off Myanmar’s southwestern coast and Moattama Gas Transportation Company, was poised to take over the holdings of its two partners based on earlier stories. Limited ’s senior vice-president, Orachon Ouiyamapun, advised investors yesterday that the corporate had only gotten a discover letter from Total Energy in France however had but to get one from Chevron within the US.
“Our executives are wanting into this problem to decide on the following transfer. We plan to tell the common public early next month.”

Total Energy owns 31.24% of the corporate, whereas Chevron owns 28.3%. PTTEP owns 25.5% of the company, whereas MOGE owns the remaining. It intends to lift gross sales by 12% this year to 467 kilo barrels of oil equivalent per day, up from a mean of 416 kilo barrels final year, based on Orachon..

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