Burma | TotalEnergies Announces Withdrawal 1 Year After Coup d’État

Burma | TotalEnergies Announces Withdrawal 1 Year After Coup d’État

TotalEnergies, Stess news, Jessica Cardiny, Stess tv news, Burma
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The withdrawal process “provided for in the contracts of the Yadana field and the transport company MGTC” has been initiated, and this “without any financial compensation for TotalEnergies”, specifies the energy giant, established for a long time in the country.

“The context which continues to deteriorate in Burma, in terms of human rights and more generally the rule of law, since the February 2021 coup has led us to reassess the situation and no longer allows TotalEnergies to make a sufficient positive contribution in this country”, specifies the group.

It will be effective at the end of the six-month notice and the interests of TotalEnergies will be divided between the current partners “unless they refuse”, while the operations will be taken over by one of them.

TotalEnergies is a partner (31.24%) and operator of the Yadana field (blocks M5 and M6) alongside the Americans Unocal-Chevron (28.26%), PTTEP (25.5%), a subsidiary of the national utility Thai energy, and Burmese state company MOGE (15%).

TotalEnergies, Stess tv news, Stess news, Jessica Cardiny

TotalEnergies had already put an end to the project to develop a new field, stopped its drilling campaigns and suspended payments to shareholders of a gas pipeline, among which is a company controlled by the Burmese army.

A few rare foreign companies had packed up before TotalEnergies, including the Norwegian telecoms group Telenor and the French renewable energy producer Voltalia, which had been present there since 2018.

Others, such as EDF, had announced the suspension of their activity or their orders (H&M, Benetton) in the country

A year after the February 1, 2021 coup that overthrew Aung San Suu Kyi and ended a 10-year democratic parenthesis, Burma remains in chaos. Anti-junta militias took up arms against the generals who stifle the protest in blood, with nearly 1,500 civilians killed, according to a local human rights association.

On Thursday, the NGO Human Rights Watch had again called on the United States and the European Union to “impose essential measures to target the funds which finance the abusive regime of the junta”, after having received a letter from the CEO of TotalEnergies Patrick Pouyanné supporting “the implementation of targeted sanctions”.

The French group had already ended the project to develop a new field, stopped its drilling campaigns and suspended payments to shareholders of a gas pipeline, among which is a company controlled by the Burmese army.ithdrawal process “provided for in the contracts of the Yadana field and the transport company MGTC” has been initiated, and this “without any financial compensation for TotalEnergies”, specifies the energy giant, established for a long time in the country.

A coup d’état in Myanmar began on the morning of 1 February 2021, when democratically elected members of the country’s ruling party, the National League for Democracy (NLD), were deposed by the Tatmadaw—Myanmar’s military—which then vested power in a stratocracy.

Acting president Myint Swe proclaimed a year-long state of emergency and declared power had been transferred to Commander-in-Chief of Defence Services Min Aung Hlaing. It declared the results of the November 2020 general election invalid and stated its intent to hold a new election at the end of the state of emergency.

The coup d’état occurred the day before the Parliament of Myanmar was due to swear in the members elected at the 2020 election, thereby preventing this from occurring.[6][7][8] President Win Myint and State Counsellor Aung San Suu Kyi were detained, along with ministers, their deputies, and members of Parliament.

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