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TotalEnergies won’t seek compensation for Myanmar exit

PARIS (AFP) – France’s TotalEnergies said yesterday that it would not seek financial compensation for its withdrawal from Myanmar over concerns about human rights abuses since a coup last year.

The French energy giant and United States (US) partner Chevron announced in January that they would pull out of the Yadana gas field, with TotalEnergies citing the “worsening” situation for human rights and the rule of law.

“In light of the exceptional situation, TotalEnergies has chosen to withdraw from Myanmar without seeking any financial compensation for its assets,” the company said in a statement.

The field in the Andaman Sea provides electricity to Myanmar and neighbouring Thailand.

TotalEnergies had been under pressure from human rights groups to cut its financial links to the junta since the army seized power from a civilian government in February 2021.

Human Rights Watch said natural gas projects are Myanmar’s single largest source of foreign currency revenue, generating more than USD1 billion every year.

France’s TotalEnergies and United States partner Chevron announced in January that they would pull out of the Yadana gas field. PHOTO: AFP
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