- US oil giant Chevron said it will sell its assets in Myanmar to Canadian company MTI, allowing it to exit the Asian country
- Following a military coup in 2021, Chevron and other oil companies chose to leave Myanmar in protest of human rights abuses in the country
- The US company stated that it had agreed to sell for an undisclosed amount its 41.1 percent interest in the Yadana Project
SAN FRANCISCO, California: US oil giant Chevron said it will sell its assets in Myanmar to Canadian company MTI, allowing it to exit the Asian country.
Following a military coup in 2021, Chevron and other oil companies chose to leave Myanmar in protest of human rights abuses in the country.
The US company stated that it had agreed to sell for an undisclosed amount its 41.1 percent interest in the Yadana Project, which produces natural gas for domestic use and export to Thailand.
In July 2022, French oil producer TotalEnergies also sold its assets and left Myanmar.
Before selling its stake in Yadana, Chevron temporarily increased its participation in the project from 28 to 41 percent, absorbing an interest in TotalEnergies.
The move aimed to gain greater control over the joint venture, and reduce the profits that Myanmar’s state-controlled energy company MOGE would see from the sale.
