*WASHINGTON (Pakistan Point News / Sputnik - 27th May, 2021) The energy companies Total and Chevron said in separate statements that they have decided to suspend dividend payments to the shareholders of the Myanmar state-owned MGTC company to prevent� alleged cash flows into the hands of the country's military junta.
"In light of the unstable context in Myanmar, following a joint proposal by Total and Chevron at the occasion of a shareholders' meeting� of MGTC (Moattama Gas Transportation Company Limited) held on 12th May 2021, cash distributions to the shareholders of the company have been suspended," Total said on Wednesday.
The decision to suspend the payments seeks to preclude the country's military to get any funds from the state-owned Myanmar Oil and Gas Enterprise (MOGE), which owns 15 percent of MGTC shares.
Chevron explained in the statement that gas produced by the Yadana Project, where it holds interest, is used to supply electricity for Yangon, Myanmar's largest city with 5 million inhabitants, as well as for people in Western Thailand and turning off the power would create even more hardship for the people.
Both Total and Chevron condemned the ongoing violence in Myanmar and pledged to comply with the US sanctions regime, according to their statements.
Last week, the US Treasury imposed terror-related sanctions on three individuals and one entity located in Turkey, Syria and Iraq for their alleged connection to the military government of Myanmar.
