Japan Refiner Eneos to Exit Myanmar, Following Project Partners
(Bloomberg) -- Japanese oil refiner Eneos Holdings Inc. will withdraw from Myanmar, joining producers exiting the Asian nation amid the junta's continued violence against civilians following last year's military coup.
Eneos will exit from a joint venture in the nation with companies including Malaysia's Petroliam Nasional Bhd., the Tokyo-based company said on Monday in a statement. The decision was based on the ongoing situation in the country, including “social issues,” as well as the economics of the Yetagun gas field project, Eneos said. Nikkei reported on the plan in March.
Read: Total, Chevron Pull Out of Myanmar in Protest at Violence
Petronas and Thailand's PTT Pcl, the other international partners in Yetagun, on Friday said they would withdraw from the project. Eneos held its stake in the gas field in a venture with Japan's government and trading giant Mitsubishi Corp., which in February said it planned to sell its minority interest in Yetagun.
Eneos said it expects the move to have a minimal impact on its financial results.
©2022 Bloomberg L.P.
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