Total’s stopping of dividends is a first step to support democracy
Today French giant Total, the operator of the Moattama Gas Transportation Company Limited (MGTC), said it will stop cash distributions to its shareholders, including the Myanma Oil and Gas Enterprise (MOGE). The dividends amount to 10% of total payments that MGTC it is facilitating to MOGE which is under the control of the Myanmar military.
MGTC is a joint venture between Total, Chevron, Thai company PTTEP and MOGE which manages a pipeline that transports gas produced from the Yadana field to the Thai border.
Anti-Corruption coalition Publish What You Pay Australia’s director, Clancy Moore said: “Total and Chevron’s actions are a positive first step in supporting the people of Myanmar and will begin to limit the murderous Myanmar military regime’s access to vital foreign currency. We urge them to stop the other 90% of payments flowing to the military from the pipeline.”
Since the February 1st coup, Chevron and Total have been under vocal pressure from Myanmar and international civil society groups to stop financial payments flowing to the military regime. Ahead of Total’s AGM on 28th May where shareholders are set to question the company, this statement shows that company is willing to act. In 2017/18, MGTC paid USD $141 million to MOGE in taxes and dividends. This included USD $41 million in dividends paid to MOGE and USD $100 million in taxes that MOGE collects on behalf of the government. Total facilitates both payments.
Publish What You Pay Australia’s director, Clancy Moore said: “Total and Chevron must stop financing the military generals who have blood on their hands and put payments into escrow accounts.”
“Governments including Australia must now introduce sanctions on the state-owned Myanma Oil and Gas Enterprise and help drive a wedge in the military.”
Contact, Clancy Moore on +61 (0) 410 508 051 for media interviews or comment.
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