Tokyo, May 2 (Jiji Press)–Japanese oil refiner Eneos Holdings Inc. <5020> said Monday that it will withdraw from a natural gas development project in Myanmar.
JX Nippon Oil & Gas Exploration Corp., an Eneos unit, decided the pullout from the project in the Yetagun gas field after examining the business feasibility.
The Eneos group faced strong criticism for remaining involved in the project despite the military coup in Myanmar last year and the suppression of human rights there.
A JX Nippon Oil official said that the group is deeply concerned about Myanmar’s situation since the coup.
JX Nippon Oil told its partners in the project of its decision Friday.
The decision will be formalized after necessary procedures, including obtaining approval from the Myanmarese government.
A Japanese joint venture owned by JX Nippon Oil, trading house Mitsubishi Corp. <8058> and the Japanese government, holds a 19.3 pct stake in the project, which started gas production in 2000.