French energy giant TotalEnergies completed its withdrawal from Myanmar in line with its January decision due to the deteriorating human rights situation in the country, the company said on Wednesday.
TotalEnergies announced its decision on Jan. 21 to withdraw from the Yadana field and gas transportation company MGTC in Myanmar, both as operator and as a shareholder, as the company said the situation in the country is no longer a positive contribution.
The company said the decision was made “without seeking any financial compensation for its assets.”
Since January, TotalEnergies said it has initiated a due diligence process to ensure a responsible withdrawal for its stakeholders in Myanmar, particularly its employees and the local communities that have been supported by TotalEnergies for many years.
On March 14, PTTEP International, a subsidiary of the Thai national energy company PTT, confirmed its willingness to take over as operator of Yadana and MGTC and, in line with this decision, to increase its direct stake in Yadana by taking over TotalEnergies’ equity share.
PTTEP will also take on all staff currently employed by the TotalEnergies affiliate in Myanmar.
Chevron decided to take over TotalEnergies’ equity share, thereby increasing its stake in Myanmar.
The withdrawal process for Yadana and MGTC will be effective at the expiry of the six-month contractual period on July 20.
The Myanmar military, known locally as the Tatmadaw, launched a military coup in February last year and jailed prominent leaders of the ruling party.
According to the Myanmar-based Assistance Association for Political Prisoners, some 1,447 people have been killed and nearly 8,500 demonstrators arrested in the military’s brutal crackdown on mass protests and rebellion against their rule.