Japanese Eneos plans to pull out of Myanmar gas project Yetagun

The logo of Eneos Holdings and Eneos Corporation is displayed at the company’s headquarters in Tokyo, Japan August 20, 2020. REUTERS/Issei Kato

TOKYO, March 25 (Reuters) – Japanese energy firm Eneos Holdings (5020.T) is aiming to pull out of Myanmar’s Yetagun gas project in response to “social issues”, a spokesman said on Friday, amid criticism that the project funds Southeast Asia. national military junta.

The move comes after Malaysia’s state-owned Petronas and Japan’s Mitsubishi Corp said last month they were divesting from the project, in the latest exits from major energy companies since last year’s military coup. . Read more

“We are reviewing and discussing with our business partners all possible measures to close the business depending on the situation to address social issues and business potential,” the Eneos spokesman told Reuters.

Earlier on Friday, the Nikkei business daily said Eneos would pull out amid criticism that the project funded the ruling junta.

Petronas’ subsidiary, PC Myanmar (Hong Kong) Ltd, holds a 40.9% stake in Yetagun, while Myanma Oil and Gas Enterprise holds 20.5%.

A Japanese consortium, led by the government and the Eneos JX Nippon Oil & Gas Exploration unit, has a 19.3% stake, with the rest held by PTTEP International Ltd (PTTEP.BK).

In January, TotalEnergies (TTEF.PA) and Chevron Corp (CVX.N), partners in a major gas project in Myanmar, said they were pulling out of the country, citing the worsening humanitarian situation after the coup. ‘State. Read more

Reporting by Yuka Obayashi and Sakura Murakami; Editing by Jacqueline Wong and Clarence Franandez

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