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Japan's ENEOS withdraws from Myanmar gas project
Japanese energy conglomerate ENEOS Holdings said it will withdraw from a gas project in coup-hit Myanmar.
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Myanmar junta military soldiers parade during a ceremony to mark the 75th anniversary of the country's Union Day in Naypyidaw on February 12, 2022. (AFP/AFP)
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apanese energy conglomerate ENEOS Holdings said Monday it will withdraw from a gas project in coup-hit Myanmar, days after its Thai and Malaysian partners announced they would pull out.
ENEOS is the latest energy giant to retreat from the Southeast Asian country, whose military has waged a widespread crackdown on dissent since it ousted and detained civilian leader Aung San Suu Kyi last year.
JX Nippon Oil & Gas Exploration, part of the ENEOS group, is involved in the Yetagun project off southern Myanmar, with the Japanese government and Mitsubishi Corporation.
Its project company, Nippon Oil Exploration, holds a 19.3 percent stake in the gas field, which has been operational for two decades.
"JX has decided to withdraw after discussions taking into consideration the country's current situation, including the social issues, and project economics based on the technical evaluation of Yetagun gas fields," ENEOS said in a statement.
The Japanese ministry of economy, trade and industry did not immediately respond to a request for comment.
Malaysia's Petronas and Thailand's oil and gas conglomerate PTTEP also announced their withdrawal on Friday. Petronas subsidiary Carigali holds a roughly 41 percent stake in the Yetagun project, while PTTEP owns 19.3 percent.
