The logo of POSCO is seen at the company’s headquarters in Seoul, South Korea, July 20, 2016. REUTERS/Kim Hong-Ji
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.
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