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  • Writer's pictureBy The Financial District

Chevron Exits Myanmar With Sale Of Natural Gas Assets

The US oil giant Chevron has finally exited Myanmar, abandoning the military-ruled nation after thousands had been killed by a junta that grabbed power in February 2021 from the government of Aung San Suu Kyi and killed no less than 5,000 protesting citizens and executed critics convicted by military courts, among them politicians, artists and intellectuals.

Photo Insert: Myanmar’s Yadana offshore natural gas field project

Chevron agreed to sell its stake in Myanmar’s Yadana offshore natural gas field project to a Canadian company, sealing a long-delayed withdrawal after being battered for shoring up the military regime and facilitating human rights abuses by the illegitimate military government, Nikkei reported.

"Throughout this sale process we will continue to meet our commitments to protect our employees and manage an orderly and safe transition," a company spokesperson said.

Doing business in Myanmar normally requires tie-ups with the military, which also owns corporations and purportedly profits from the opium trade as the country accounts for 30% of the global output of the narcotic, next only to Afghanistan.

The military controls banks, beer brewing, commodity exports, and even textile production.

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