Myanmar: Report lists oilfield services companies & investors that allegedly support the military junta; incl. company responses
According to the report by the Justice for Myanmar, "oil and gas industry is the biggest source of foreign-currency revenue for the junta. Oil and gas revenue is used to purchase arms, jet fuel and other supplies needed for the junta's continuing commission of war crimes and crimes against humanity. According to the junta’s own figures, Myanmar earned US$1.72 billion from gas exports in the six months to March 31, 2022 alone." The report names oil, gas, and related companies as well as investors that allegedly support the military junta.
Oil, gas and related companies
The Business & Human Rights Resource Centre invited 26 oil, gas, and related companies respond to the allegations in the report. Only Baker Hughes, Chevron, Diamond Offshore Drilling, McDermott International, Oceaneering International, and POSCO responded. The responses are linked below.
The following companies did not respond: Ben Line Agencies, China Oilfield Services Limited, COENS, Destini Berhad, Energy Drilling, ENRA Group Berhad, Gavin & Doherty Geosolutions, Gulf Petroleum Myanmar, Halliburton, Hyundai Heavy Industries, InterMoor, Japan Drilling Company, MTI Energy, Muhibbah Engineering, PetroVietnam, PT Gunanusa Utama Fabricators, PTTEP, Schlumberger, Transocean, and Weatherford International.
Moreover, the Resource Centre invited 37 investors to respond. Only Allianz SE, National Pension Services, and Norges Bank Investment Management responded. Their responses are linked below.
The following investors did not respond: Aroma Teraju Sdn. Bhd., BlackRock, Capital Group, China ZhenHua Oil, Contrarius Investment Management, Dimensional Fund Advisors, Exor Investments, Federal International, Fidelity, FIL Investment Management, Guotai Junan Securities, HD Hyundai, Hyundai Motor Company, Interra Resources, JPMorgan, KAF Investment Funds Bhd., KCC Corporation, KGI Securities, Linc Shared Services Sdn. Bhd., Maybank Securities Pte. Ltd., Morgan Stanley, Oak Hill Advisors, Oaktree Capital Management, OCBC Securities, PRIMECAP Management, Samsung Asset Management, Samuel Terry Asset Management, Sourcerock Group, State Street Global Advisors, ValueAct Capital, Van Eck Associates, Vanguard, Wellington Management, and Yacktman Asset Management.
The Resource Centre was unable to identify points of contacts on the following companies: Carillo Capital Sdn. Bhd., KGH, Mizreen Capital Sdn. Bhd., Trillion Icon Sdn. Bhd., and Utarasama Marine Sdn. Bhd. The Resource Centre welcomes responses from these companies. Meanwhile, the Resource Centre awaits the response from the Principal Financial Group.
Chevron-MTI Energy sale
Meanwhile, the Resource Centre also invited Chevron and MTI Energy to respond to the allegations concerning the alleged sale of Chevron's stake in the Yadana Gas Project, specifically whether human rights due diligence have been undertaken in relation to the sale.