Chevron agrees to sell Myanmar assets and will exit country

U.S. oil major Chevron Corp (CVX.N) on Friday said it had agreed to sell its assets in Myanmar to Canadian company MTI, in a deal that allows it to leave the Asian country.

The agreement comes one year after Chevron and other oil companies decided to leave Myanmar following a military coup in 2021. Chevron has condemned human rights abuses in the country.

Myanmar’s Ministry of Communication did not immediately respond to a request for comment.

The U.S. company on Friday said it had agreed to sell for an undisclosed amount its 41.1% interest in the Yadana Project to a subsidiary of MTI. Yadana produces natural gas for domestic use and export to Thailand.

French oil producer TotalEnergies sold its assets and left the country in July 2022.

Chevron’s sale follows a year-long business strategy in which it worked to reduce proceeds from the sale that would end up with the military government. Myanmar’ state-controlled oil company MOGE was part of the joint venture.

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