OR Has Long Been Ceasing Operations in Myanmar with No Plan for Further Injection

PTT Oil and Retail Public Company Limited (SET: OR) wrote in a letter to the Thai stock market, stating that pertaining to the news published in certain media about a fund that has announced the withdrawal of its investment in OR due to OR’s investment in Myanmar, stating that the company is involved in supporting violence and human rights violations from the operations of the company in Myanmar.

OR wrote in a letter to clarify that the company invested in Brighter Energy (BE) joint venture in 2019, holding 35% of shares, for the transportation and storage of petroleum products, in which a storage terminal is in the process of being constructed for the operations in Myanmar.

The investment objective is to provide broader benefits and help improve the well-being of Burmese people. However, since there have been violence and unrest in Myanmar leading to sanction announcement by several countries in 2021, OR , as a minority interest shareholder, did not and will not make additional capital injections to BE and has expressly declared its intention to suspend BE’s operations and construction and payments. Also, nor payments will be made to anyone on the sanctions list. OR strictly complies to business ethics and policies that shall adlhere and not involve in supporting violence and human rights violations from the operations of BE in Myanmar.

OR has adhered to the sustainability management policy which consists of environmental, social and good business governance by complying with laws, regulations, international guidelines and international human rights standards.

OR noted that the operation and construction has long been suspended since the coup.