Japanese energy conglomerate ENEOS Holdings announced on Monday that it would withdraw from a…
Japanese energy conglomerate ENEOS Holdings said on Monday it would pull out of a gas project in coup-hit Myanmar, days after partners in Thailand and Malaysia announced their withdrawal.
ENEOS is the latest energy giant to pull out of the Southeast Asian country, whose military has waged a widespread crackdown on dissent since ousting and detaining civilian leader Aung San Suu Kyi l ‘last year.
JX Nippon Oil & Gas Exploration, part of the ENEOS group, is involved in the Yetagun project in southern Myanmar, together with the Japanese government and Mitsubishi Corporation.
His project company, Nippon Oil Exploration, holds a 19.3% stake in the gas field, which has been operational for two decades.
“JX has decided to withdraw after discussions taking into account the current situation in the country, including social issues, and the economics of the project based on the technical assessment of the Yetagun gas fields,” ENEOS said. in a press release.
Japan’s Ministry of Economy, Trade and Industry did not immediately respond to a request for comment.
Malaysia’s Petronas and Thai oil and gas conglomerate PTTEP also announced their withdrawal on Friday. Carigali, a subsidiary of Petronas, holds an approximate 41% stake in the Yetagun project, while PTTEP holds 19.3%.
More than 1,800 civilians have died in Myanmar in the military crackdown and more than 13,000 have been arrested, according to a local watchdog group.
As the economy slumps and pressure mounts from rights groups, companies ranging from France’s TotalEnergies to British American Tobacco and Norway’s Telenor have raised their voices.
Japanese drinks giant Kirin is also pulling out of Myanmar, after an unsuccessful attempt to spin off its operations from a joint venture with a junta-owned company.
Tokyo is a major provider of economic aid to Myanmar, and the government has a long-standing relationship with the country’s military.
After the coup, Japan announced that it would end all further aid, although it refrained from imposing individual sanctions on military and police commanders.