abusesaffiliationarrow-downarrow-leftarrow-rightarrow-upattack-typeburgerchevron-downchevron-leftchevron-rightchevron-upClock iconclosedeletedevelopment-povertydiscriminationdollardownloademailenvironmentexternal-linkfacebookfiltergenderglobegroupshealthC4067174-3DD9-4B9E-AD64-284FDAAE6338@1xinformation-outlineinformationinstagraminvestment-trade-globalisationissueslabourlanguagesShapeCombined Shapeline, chart, up, arrow, graphLinkedInlocationmap-pinminusnewsorganisationotheroverviewpluspreviewArtboard 185profilerefreshIconnewssearchsecurityPathStock downStock steadyStock uptagticktooltiptwitteruniversalityweb

The content is also available in the following languages: 日本語, 한국어, 简体中文, 繁體中文

Story

21 Mar 2023

Myanmar: Report lists oilfield services companies & investors that allegedly support the military junta; incl. company responses

See all tags

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.

Investors

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.

Company Responses

HD Hyundai

No Response

KCC Corporation

No Response

Hyundai Motor (part of Hyundai Kia Motor)

No Response

Samsung Asset Management (part of Samsung Life Insurance)

No Response

KAF Investment Funds Bhd

No Response

Sourcerock Group

No Response

Fidelity Investments (FMR LLC)

No Response

PRIMECAP Management

No Response

Van Eck Associates

No Response

Dimensional Fund Advisors

No Response

Morgan Stanley

No Response

Oaktree Capital Management

No Response

Yacktman Asset Management

No Response

Oak Hill Advisors

No Response

Exor Investments

No Response

Allianz View Response
Norges Bank Investment Management (NBIM) View Response
Aroma Teraju Sdn. Bhd.

No Response

Linc Shared Services

No Response

Gutoai Junan Securities

No Response

Contrarius Investment Management

No Response

Wellington Management International Limited

No Response

KGI Securities

No Response

OCBC Securities

No Response

McDermott View Response
Oceaneering International Services Limited View Response
Baker Hughes View Response
JPMorgan Chase

No Response

State Street Global Advisors Limited

No Response

Weatherford International

No Response

Acteon Group Limited

No Response

Halliburton

No Response

Diamond Offshore Drilling View Response
ValueAct Capital

No Response

Capital Group

No Response

Vanguard

No Response

BlackRock

No Response

SLB (former Schlumberger)

No Response

Interra Resources

No Response

Maybank

No Response

Federal International

No Response

MTI Energy Inc

No Response

Petroleum Authority of Thailand Exploration and Production (PTTEP)

No Response

Gulf Petroleum Myanmar

No Response

Ben Line Agencies

No Response

Destini Berhad

No Response

Energy Drilling

No Response

ENRA Group Berhad

No Response

PT Gunanusa Utama Fabricators

No Response

Japan Drilling

No Response

Muhibbah Engineering

No Response

Petrovietnam

No Response

Posco International (part of POSCO) View Response
National Pension Service (NPS) View Response
COENS

No Response

Hyundai Heavy Industries

No Response

Gavin & Doherty Geosolutions

No Response

Transocean

No Response

FIL Investment Management Ltd.

No Response

China ZhenHua Oil

No Response

China Oilfield Services Limited (COSL)

No Response

Samuel Terry Asset Management

No Response

Chevron View Response

Timeline