Episode: KPN 22-1-2022
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Observers welcome Total and Chevron’s departure from Myanmar
Some observers have welcomed the announcement by international energy giants Total of France and Chevron of the United States that they will close operations in Myanmar. They point out that the European Union (EU) and the United States need to impose sanctions if they want to put pressure on the Burmese military council. The full report was submitted by Nyan Win Aung.
TOTAL, a French energy company, and Chevron, a US energy company, announced on Friday that they would close their businesses in Burma after the military coup.
Sein Htay, a Burmese economic analyst, sees the withdrawal of two global energy companies investing in Burma as hurting the military council economically and politically.
“The sanctions are likely to hurt the military council as much as $ 1.4 billion in gas sales, which would hurt about a third of Chevron’s total. It’s a huge loss, both economically and for the military council.”
Sein Htay, a Burmese economic analyst
“The sanctions are likely to hurt the military council as much as $ 1.4 billion in gas sales, which would hurt about a third of Chevron’s total,” he said. “It’s a huge loss, both economically and for the military council.”
Human rights groups have called for the restoration of revenue from the energy sector, such as oil and gas, to the Burmese military council. John Sifton, Asia director at Human Rights Watch (HRW), urges TOTAL and Chevron not just to suspend the company, but to legislate and sanction the energy sector.
“Total has suspended payments and imposed sanctions on businesses,” he said. We want Total to put more pressure on what the United States and the EU have to do. Will the business stop? The key issue is whether the government imposes sanctions. “Total will not be blamed because the bank will control the payment by the government.”
The US government and the United States have called for sanctions against the Burmese military, which has been plagued by a series of human rights abuses since the military coup in February 2021. HRW’s John Sifton points out that the French government is still failing.
“Should the United States do more? President Biden should further pressure President McConnell to accept this. In fact, it’s the failure of the EU and the French government. Make them; “I did not do what I was told to do.”
TOTAL and Chevron withdraw from Myanmar, but Thailand’s PTTEP, South Korea POSCO; India ONGC; Japan’s Nippon Oil and China’s state-owned CNPC remain in Myanmar’s energy sector.
Questions have been raised as to whether other big companies could replace TOTAL and Chevron. Sein Htay, an economist, said he had never seen such an easy entry.
“Neighboring countries, such as China, may be economically viable, but it will be difficult for them to recover quickly,” said President Joe Biden, who signed the US sanctions agreement, which became law. “Will the current companies be able to make a quick replacement? Therefore, I think this time around, sanctions will be the hardest way to get started.”
According to the 2021 census, Burma earned around US $ 1.4 billion in foreign exchange from the oil and gas sector, according to a statement from the parliamentary budget committee before the coup. This is estimated at over 10% of the country’s total revenue.
The French company TOTAL owns more than 32% of the Yadana oil and gas exploration and production business in Myanmar. MOGE, a Myanmar oil and gas company, holds a 15% stake, with the US holding Chevron and Thailand’s PTTEP.
The Shwe Gas project is being developed by South Korea’s POSCO. It is being exported to China. The project is being invested by Korean companies KOGAS, Myanmar MOGE and Indian energy companies ONGC and GAIL.
Petronas, Malaysia; Thailand PTT; Japan’s Nippon Oil and Myanmar MOGE share.
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