PTT Suspends Myanmar Project With Joint Venture Bright Energy

[webfact 181850]

 

by Paul Rujopakarn

BANGKOK (NNT) - A subsidiary under state-owned Thai energy giant PTT has said it will suspend oil transport and storage operations in Myanmar. The move was announced a week after losing one of the world’s largest sovereign wealth funds as an investor.

 

The subsidiary, PTT Oil and Retail Business (PTTOR), holds a 35% stake in Bright Energy, a joint venture formed in 2019 with a unit under Myanmar conglomerate Kanbawza Group. Bright Energy had been constructing an oil storage terminal near Yangon, which was expected to be the biggest in Myanmar.

 

According to a statement last week, PTTOR "has expressly declared our intention to suspend BE’s operations and construction and payments."

 

The move comes after Norway’s Government Pension Fund Global removed both PTTOR and the parent PTT from its portfolio, which was announced on December 15. The Norway fund is one of the world’s largest sovereign wealth funds.

 

It remains to be seen if PTT’s downscaling will extend to the remaining natural gas operations in Myanmar. Group company PTT Exploration and Production (PTTEP) controls interests in multiple gas fields in Myanmar and exports the product to Thailand.

 

Myanmar’s natural gas accounts for about 15% of Thailand’s gas consumption.

When France’s TotalEnergies withdrew from Myanmar’s Yadana gas field in March, PTTEP announced it would take over part of the stake, adding that "long-term energy security" factored into the decision.

 

However, PTTEP said in April that it would withdraw from Myanmar’s Yetagun gas project.

 

Source: https://thainews.prd.go.th/en/news/detail/TCATG221226102619876

 

-- © Copyright NNT 2022-12-24

 

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[spidermike007 67784]

Only through international pressure, and great embarrassment would a major Thai corporation ever do the right thing. Same applies to this government. They never do the right thing, because it is the right thing to do. Morality and ethics are rarely ever taken into account. 

 

Let us hope the international community keeps the pressure on. Shame them. 

[Burma Bill 7981]

Thank you Norway, please keep up the pressure. Since the latest coup, Thailand's PTT has been funding the Burmese Junta by purchasing oil and gas (also the Chinese) providing money to buy military equipment for the genocidal terror group - the Tatmadaw!

[nobodysfriend 7187]

No business with the killers of innocent people .

Nobody should put profit over ethics .

Edited December 27, 2022 by nobodysfriend