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Myanmar Crisis

Thailand's PTT halts fuel storage project in Myanmar, citing unrest

Subsidiary stops oil terminal construction after being dropped by Norway fund

Thailand energy giant PTT recently found itself divested from Norway's government pension fund for holding business interests in Myanmar.   © Reuters

BANGKOK -- A subsidiary under Thailand's state-owned energy giant PTT will suspend oil transport and storage operations in Myanmar over "violence and unrest" in the country, the company announced a week after losing one of the world's largest sovereign wealth funds as an investor.

The subsidiary, PTT Oil and Retail Business (PTTOR), holds a 35% stake in Bright Energy, a joint venture formed in 2019 with individual investors. Bright Energy had been constructing an oil storage terminal near Yangon, which was expected to be the biggest in Myanmar.

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