PTTEP, Chevron Acquire Shell’s Stake in Myanmar

PTTEP, Chevron Acquire Shell’s Stake in Myanmar

PTTEP International, a subsidiary of the Thai national energy company PTT, confirmed its decision to take over the operatorship of Yadana and MGTVC in addition to TotalEnergies’ share in Yadana.

This decision was taken after Shell’s announcement in January 2022 that it would withdraw from Myanmar and from gas transportation company MGTC in Myanmar both as operator and as shareholder because the situation in this country no longer allowed TotalEnergies to make a sufficiently positive contribution.

Chevron also announced that it will acquire TotalEnergies’ equity share, thus increasing its stake in Myanmar.

As a part of its decision, TotalEnergies started a due diligence process to withdraw in a perfect way from its stakeholders in Myanmar, particularly its employees and the local communities that it supported while operating.

For its part, PTTEP disclosed that it will include the employees in its acquisition. Meanwhile, TotalEnergies showed its helpfulness for those who want to transfer to the new operator.

Additionally, TotalEnergies will work with PTTEP to ensure the continuation of its socio-economic development program to support local communities living near the MGTC pipeline.

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