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Myanmar Crisis

Asian majors keep Myanmar gas pumping despite EU sanctions

Posco and PTT expand footprint as Total and Chevron head to exit

The Shwe gas field is the only resource development project in which Posco International has a stake. (Photo courtesy of Posco International)

BANGKOK/SEOUL -- Asian energy companies' continued presence in Myanmar is raising concerns that they could blunt the impact of new European Union sanctions on the country's state oil and gas company.

As the international community seeks to pressure Myanmar's military government, the EU announced late last month that it would ban its companies and individuals from providing funds to Myanma Oil and Gas Enterprise, or MOGE, and freeze its assets within the bloc. The company both invests in resource development projects and collects government royalties for gas projects in Myanmar.

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