Posco International reviewing dividend payments on Myanmar gas project (updated)

Posco International

28/05/2021 13:24

(Adds spokesman, background)
    By Cynthia Kim
    SEOUL, May 28 (Reuters) - South Korea's Posco International
 047050.KS  is reviewing dividend payments on a gas project in
Myanmar it operates alongside the state-run oil enterprise, a
spokesman for the firm told Reuters on Friday.
    The move follows a decision this week by Total and Chevron
(CVX.N) which suspended some payments from a separate gas joint
venture that would have reached Myanmar's junta, earning praise
from pro-democracy activists.
    "We are reviewing what has been demanded for us to do from
the international community, and that includes suspending
dividend payout. This internal discussion is taking place from
various angles, and its not an easy one when the contract
involves many," the spokesman told Reuters by phone. 
    Posco International has a 51% stake in Myanmar's Shwe gas
project, while the Myanmar Oil and Gas Enterprise (MOGE) owns
15% alongside other smaller partners gas projects India's Oil
and Natural Gas Corp (ONGC)  ONGC.NS  and GAIL  GAIL.NS .
    A spokesman for Myanmar's military government, which took
control of the country in a Feb. 1 coup, did not answer phone
calls seeking immediate comment.

 (Reporting by Cynthia Kim; Additional reporting by Poppy
McPherson; Editing by John Geddie and Jason Neely)
 ((Cynthia.Kim@thomsonreuters.com; 822 3704 5655; Reuters
Messaging: cynthia.kim.thomsonreuters.com@reuters.net))