The American energy giant Chevron has withdrawn its investment from the Yadana natural gas field project in Myanmar, according to one of its partner entities, the Thai state-owned fossil fuel company PTT Exploration and Production Company (PTTEP).
In a letter sent to the president of Thailand’s stock exchange on Friday, PTTEP chief executive officer Montri Rawanchaikul said that a Chevron subsidiary—one of the participating stakeholders in the Yadana project—had transferred its ownership interest to “the remaining partners.”
“Unocal Myanmar Offshore Company Limited (UMOC), a wholly owned subsidiary of Chevron Group, had decided to withdraw its investment in the Yadana project. All withdrawal processes were subsequently fulfilled on 5 April 2024,” the letter said.
The letter, posted by the pro-democracy investigative group Justice for Myanmar (JFM) on its Facebook page, also said that PTTEP now controls a stake of nearly 63 percent in. . .
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