French energy giant Total stops payments on Myanmar pipeline

The French energy company Total SA says its shareholders have voted to suspend distributions of cash to stakeholders in the joint venture company running a gas pipeline in Myanmar

BANGKOK -- Shareholders of the French energy company Total SA have voted to suspend payments of dividends to stakeholders in the joint venture company running a gas pipeline in Myanmar, the company said Wednesday. Pressure has been growing on companies with investments or operations linked to the Myanmar military to suspend any financial support following a Feb. 1 coup. The Yadana pipeline is partly owned by Myanmar Oil & Gas Enterprises, a government-controlled entity. Shareholders of the Moattama Gas Transportation Co., or MGTC, which operates the Yadana pipeline, made the decision at a meeting held on May 12, Total said in a statement. It said the decision was in response to a proposal from Total and the U.S. energy company Chevron and was taken “in light of the unstable context in Myanmar.”