Chevron exits Yadana project, ending partnership with military-run MOGE

Under pressure from rights and democracy advocates, the U.S. corporation has been promising to divest from a joint project with Myanmar’s military-owned entity MOGE for more than two years

The American energy giant Chevron has withdrawn its investment from the Yadana natural gas field project in Myanmar, according to one of its partner entities, the Thai state-owned fossil fuel company PTT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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