Middle East

Petronas sells shares in Yetagungas

February 18, 2022

© muhammadhafiz abu bakar / EyeEm (AdobeStock)

Malaysian Petronas The company said Japan’s Mitsubishi Motors has sold its stake in Myanmar’s Yetagung gas field in a recent withdrawal by a major energy company in Myanmar since last year’s military coup.

A Mitsubishi spokesman told Reuters on Friday that it would be difficult to continue the business from a technical and economic perspective.

The company, which indirectly holds a 1.93% stake in the Yetagung gas field off the southern coast of Myanmar, has decided to cancel the project and is in talks with other partners in the joint venture JX Myanmar, he added.

Petronas PC Myanmar (Hong Kong) Limited, the operator of its subsidiary Yeta Gunfield, told Reuters earlier this month. Petronas‘Upstream business in Myanmar last July.

A Petronas A spokeswoman said the transaction was awaiting completion and refused to identify the buyer.

PC Romania (Hong Kong) Ltd holds a 40.9% stake in Yetagun and Myanmar Oil and Gas Enterprise holds a 20.5% stake. The Japanese consortium JX Myanmar holds a 19.3% stake and the rest is owned by PTTEP International Ltd.

Last month, Myanmar’s major gas project partners TotalEnergies and Chevron Corp said they would withdraw from Myanmar because of worsening humanitarian conditions after last year’s coup. Read the full text

(Report by Yuka Obayashi and Florence Tan, edited by Mark Potter)

https://www.oedigital.com/news/494429-petronas-mitsubishi-to-sell-stakes-in-yetagun-gas-field-offshore-myanmar Petronas sells shares in Yetagungas

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