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Foreign energy giants leave Myanmar, Chinese companies to likely replace them

13 Sept 11:42 Key points summarised by AI

Major Western and Asian energy companies, including France's Total, the US's Chevron, Australia's Woodside, and Japan's ENEOS, have exited Myanmar's energy sector, citing human rights violations and business reevaluations post-coup.
These departures from key projects like the Yadana natural gas field are projected to cost Myanmar hundreds of millions of dollars annually in lost revenue.
Myanmar's government downplays the impact, attributing the exits to business decisions or expiring contracts, and asserts that remaining shareholders like Thailand's PTTEP and South Korea's POSCO will maintain operations.
Officials emphasize China's significant existing investment (27%) in Myanmar's petroleum and natural gas sector and anticipate increased Chinese cooperation to fill the void left by departing foreign firms.

Yesterday 15:20 Key points summarised by AI

Thailand's Prime Minister Anutin Charnvirakul initiated a nationwide crackdown on illegal Thai nominee shareholders in foreign-run businesses and land holdings to safeguard national interests.
The government will integrate efforts across all relevant agencies to target illicit foreign operations, forced sales of illegally acquired property, and high-risk land ownership schemes.
Key strategies include auditing suspect land and building holdings, establishing a long-term monitoring system, and cross-referencing data from various authorities to trace ultimate beneficial owners.
Prime Minister Anutin emphasized that no influential figures or corrupt officials are above the law, promising straightforward prosecution, asset seizures, and protection for enforcing officers.
Beyond land ownership, the integrated crackdown will also extend to tackle transnational crimes, including drug and human trafficking.