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HomeBusinessInvestmentFrance’s TotalEnergies says Myanmar Exit now comes into effect

France’s TotalEnergies says Myanmar Exit now comes into effect

(Melbourne): TotalEnergies, one of the largest energy companies in Myanmar, said Wednesday that its planned exit from Myanmar has now come into effect.

The Energy giant says it has definitely withdrawn from Myanmar, citing the abuses and human rights violations taking place in this country and reaffirms its support to the people of Myanmar and its hope for a swift return to peace and the rule of law.

It says the decision resulted from the assessment that the energy giant was no longer able to make a sufficiently positive contribution in the country.

The withdrawal was made in compliance with the European sanctions put in place in February 2022.

The exit of TotalEnergies will leave its shares divided among the remaining partners – Chevron, Thai-based PTTEP and the junta-controlled Myanmar Oil and Gas Enterprise (MOGE).

Human Rights Watch (HRW) says the natural gas project in Myanmar generates over US $ 1bilion in foreign revenue for the junta annually, its single source of foreign currency revenue.

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