[Japan energy giant Eneos to exit natural gas project in Myanmar] 2 May 2022

Japanese energy giant Eneos Holdings Inc. said Monday it will exit from a natural gas project in Myanmar due to political turmoil in the Southeast Asian country.

Eneos' subsidiary, JX Nippon Oil & Gas Exploration Corp., has a 40 percent stake in a Tokyo-based joint company taking part in the project.

The joint firm Nippon Oil Exploration (Myanmar), which owns a 19.3 percent interest in Myanmar's Yetagun gas fields, notified its business partners of the decision on Friday, Eneos said in a statement. The Japanese government is the top shareholder of the joint company with a 50 percent stake, with Mitsubishi Corp. having the remaining 10 percent.

Eneos said JX Nippon Oil & Gas Exploration, which has a stake of 19.3 percent in the project, took into consideration "the country's current situation, including the social issues, and project economics based on the technical evaluation" of the gas fields.

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According to the statement by Eneos, the withdrawal will be effective after approval from the Myanmar government.

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