Chevron Exits Myanmar After Finalizing Sale Of Yadana Stake
Chevron Corporation, one of the world’s leading oil and gas companies, recently announced that it has finalized the sale of its 28.3 percent stake in the Yadana natural gas project in Myanmar. Chevron, which was the project’s operator, is now completely exiting the country. The Yadana project, located off the coast of Myanmar, had been in operation since 1998 and was one of the country’s largest natural gas projects. It was a joint venture between Chevron, Total, and the Myanmar Oil and Gas Enterprise (MOGE). The project was responsible for supplying natural gas to Thailand and helping to power the Thai economy.
Myanmar Political Climate
Myanmar has been in the midst of a political and humanitarian crisis for several years now, with the ruling military government accused of committing human rights abuses against its citizens. As a result, the international community has imposed sanctions on Myanmar, including a ban on financial transactions with the country. Chevron has faced criticism from human rights organizations for its involvement in the Yadana project, which human rights groups claim has caused environmental damage and human rights abuses. Chevron has long maintained that it has complied with all applicable laws and regulations in Myanmar and has taken steps to ensure that its activities do not contribute to any human rights abuses.
Despite this, Chevron has decided to exit the country altogether in order to focus on its other international operations. The company has stated that it will continue to comply with all applicable international sanctions and will not engage in any activities that are inconsistent with U.S. and international law. The Yadana project has been sold to the Thailand-based PTT Exploration and Production Public Company, which is part of the PTT Group. PTT has said that it values the project and is committed to developing it for the benefit of all stakeholders.
Environmental, Social and Governance
Chevron has also announced its commitment to environmental, social and governance (ESG) initiatives in Myanmar. The company’s ESG program will focus on establishing and maintaining a safe operating environment for its employees, protecting the environment and human rights, and engaging with local communities to ensure the responsible development of natural resources. Chevron has also committed to supporting economic development in Myanmar through job creation, training, and the development of local infrastructure projects. Chevron will continue to support these initiatives even after its exit from the country.
Chevron’s departure from Myanmar marks the end of its involvement in the Yadana project. While the company has faced criticism for its involvement in the project, it has maintained that it has complied with all applicable laws and regulations. The company has also committed to continuing to support the people and communities of Myanmar through its ESG initiatives. The Yadana project has now been sold to PTT Exploration and Production Public Company, which is committed to developing the project responsibly. As Chevron exits Myanmar, PTT will take over the project and ensure that it is developed in a way that benefits all stakeholders.