Home NewsCommodities News Chevron agrees to sell Myanmar assets and will exit country By Reuters

Chevron agrees to sell Myanmar assets and will exit country By Reuters

by WOOWinvest
0 comment
Chevron agrees to sell Myanmar assets and will exit country By Reuters

© Reuters. FILE PHOTO: The Chevron offices are pictured after the US government granted a six-month license allowing Chevron to boost oil output in US-sanctioned Venezuela, in Caracas, Venezuela, December 2, 2022. REUTERS/Gaby Oraa

By Sabrina Valle

HOUSTON (Reuters) – US oil major Chevron Corp (NYSE:) on Friday said it had agreed to sell its assets in Myanmar to Canadian company MTI, in a deal that allows it to leave the Asian country.

The agreement comes one year after Chevron and other oil companies decided to leave Myanmar following a military coup in 2021. Chevron has condemned human rights abuses in the country.

Myanmar’s Ministry of Communication did not immediately respond to a request for comment.

The US company on Friday said it had agreed to sell for an undisclosed amount its 41.1% interest in the Yadana Project to a subsidiary of MTI. Yadana produces for domestic use and exports to Thailand.

French oil producer TotalEnergies sold its assets and left the country in July 2022.

Chevron’s sale follows a year-long business strategy in which it worked to reduce proceeds from the sale that would end up with the military government. Myanmar’ state-controlled oil company MOGE was part of the joint venture.

Before putting its Yadana stake for sale, Chevron temporarily increased its participation in the project from 28% to 41%, absorbing an interest from TotalEnergies.

The strategy aimed to gain greater control over the joint venture, and reduce what MOGE could make from the transaction or from the asset in the future.

The military government took power in 2021, alleging fraud in a general election won by Nobel laureate Aung San Suu Kyi’s party.

You may also like

Leave a Comment

Our Mission is to help you make better trading decisions by providing actionable investing content, comprehensive tools, educational resources and assist you in making more money in the stock market.

Latest News


Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

@2022 – All Right Reserved. Designed and Developed by WOOW Invest

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy