Trade Now

Capital at risk Advertisement
Share Name Share Symbol Market Type
TotalEnergies SE EU:TTE Euronext Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -2.41 -4.92% 46.51 46.41 46.58 48.785 46.205 48.645 7,712,933 16:40:00

TotalEnergies to Withdraw From Myanmar -- Update

21/01/2022 10:41am

Dow Jones News


TotalEnergies (EU:TTE)
Historical Stock Chart


From Sep 2021 to Sep 2022

Click Here for more TotalEnergies Charts.

By Giulia Petroni and Olivia Bugault

 

TotalEnergies SE said Friday that it has decided to withdraw from Myanmar, citing stakeholder pressure as the situation in the country has continued to worsen since the military coup last year.

The French oil-and-gas major said it hasn't been able to meet stakeholders' expectations of stopping financial flows going from the Yadana field--which the company operates--to the Myanmar state through national oil company Myanma Oil and Gas Enterprise.

"TotalEnergies has decided to initiate the contractual process of withdrawing from the Yadana field and from MGTC in Myanmar, both as operator and as shareholder, without any financial compensation," it said.

Partners in Yadana and at the Moattama Gas Transportation Company Limited, or MGTC, have been notified of the withdrawal, which will be effective at the expiry of the six-month contractual period at the latest.

During this period, TotalEnergies said it will continue to act as operator of the field and ensure continuity of gas deliveries.

The company said it has also asked the French government to put in place targeted sanctions on financial flows without shutting down production, but hasn't identified any means for doing so.

 

Write to Giulia Petroni at giulia.petroni@wsj.com and Olivia Bugault at olivia.bugault@wsj.com

 

(END) Dow Jones Newswires

January 21, 2022 05:26 ET (10:26 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

1 Year TotalEnergies Chart

1 Year TotalEnergies Chart

1 Month TotalEnergies Chart

1 Month TotalEnergies Chart
ADVFN Advertorial
Your Recent History
EU
TTE
TotalEnerg..
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20220926 00:58:24