US oil company Chevron said it has agreed to sell its assets in Myanmar to Canada’s MTI, in a deal that would allow it to leave the Asian country, CNBC reported.
The agreement comes one year following Chevron and other oil companies decided to leave Myanmar following a change in governance in 2021.
The US company said it had agreed to sell its 41.1% stake in the Yadana project to a subsidiary of MTI for an undisclosed sum. Yadana produces natural gas for domestic use and exports it to Thailand.
Prior to putting its stake in Yadana up for sale, Chevron temporarily increased its stake in the venture from 28% to 41%.
It is worth noting that the French oil company TotalEnergies sold its assets and left the country in July 2022.
The government seized power in 2021, alleging fraud in the general election won by Nobel laureate Aung San Suu Kyi’s party.
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