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5 Mai 2021

JOHN LIU and DOMINIC OO, Nikkei (Japan)

Myanmar: Chinese energy projects put on hold following coup; Companies did not respond

"Myanmar coup threatens Chinese power projects", 5 May 2021

Chinese energy companies contracted to build power plants in Myanmar have had their projects put on hold, and some are considering exiting the market, in a sign of how the military coup in the Southeast Asian country may be deterring even thick-skinned Chinese investors.

Projects taken up by Chinese state-backed liquefied natural gas and solar energy companies would have been difficult to implement even before the Feb. 1 military takeover, insiders say. Now the coup has further complicated matters. [...]

Hong Kong-listed VPower, which won four out of five liquefied natural gas and gas-fired power plant projects in Myanmar's 2019 emergency tender, has been shown to be leasing military-owned land. [...] Rights groups have turned up the pressure on foreign businesses that continue to deal with the military, which has killed more 750 civilians since Gen. Min Aung Hlaing overthrew the civilian administration in the coup. [...]

VPower, HKEX, and the chamber declined to comment. A spokesperson for VPower previously publicly denied having dealings with MEHL or MEC in an interview with a Hong Kong media outlet. Justice For Myanmar accused VPower of "misleading its shareholders." [...]

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