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Malaysian state energy company leaves Myanmar gas project

BANGKOK (AP) — Petronas, Malaysia’s state-owned oil and gas company, has announced it is withdrawing from Myanmar’s offshore Yetagun natural gas project, The company, through two subsidiaries, has held a 40.9% participating interest in the project, with Myanmar’s state oil company and oil exploration companies from Japan and Thailand as its partners. Petronas is the latest in a series of oil companies to withdraw from operations in Myanmar this year. Australia’s Woodside Petroleum, France’s TotalEnergies and the U.S. company Chevron Corp. gave human rights concerns as a reason for their departures, but Petronas said it acted for technical and commercial reasons related to its business strategy.

Article Topic Follows: AP National Business

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