Singapore oil producers suspend stock trading amid claims in Myanmar

Interra Resources Ltd. temporarily suspends its Singapore exchange transaction during a regulatory investigation into the company’s operations in Myanmar.

Last month, Myanmar Justice described it as a secret group of activists exposing the bonds of the country’s military rulers, and by continuing to produce oil, the military has been working with controlled Myanma oil to continue to produce oil. He accused him of being “a complicity in the war crimes of the junta.” and Gas Enterprise (MOGE).

Citing Interra’s regulatory disclosures and “leaked financial reports,” Myanmar Justice delivers more than 2.3 million barrels of oil to Moge from January 2021 to December 2023 He said that.

According to a Myanmar judge, the supply was made through Gold Petrol Joint Operating Co. (GJOC), which is 60% owned by the Singapore company. Interra is investing in GJOC through its wholly owned subsidiary Goldwater Co. Ltd. (GCL), but the remaining 40% of GJOC is the Chinese-owned Northern Chinese Industry Group Corp. Ltd., according to regulators. The final shareholder is held by the final shareholder, the partner. Information from Interra.

“The oil was extracted from two land fields of Gold Petrol in the Magway region, where the military regime commits war crimes and crimes against humanity,” Myanmar Justice, January 29, 2025 I stated in.

“Oil has been refined in Mann Thanbayarkan petrochemical complex run by Myanma Petrochemical Enterprise (MPE), another part of the Ministry of Energy, which is illegal under Junta Control,” Myanmar Justice added. .

“Faced with international sanctions over the aviation fuel supply chain, Junta was in a hurry to find fuel to wage war with the people of Myanmar,” he said. “The Mann Refinery produces diesel and jet fuel, which is necessary for the military to power aircraft, trucks and tanks used in the Commission on War Crimes against Civilians.”

“Myanmar justice calls for Interla’s resources to be stopped immediately from supplying oil to the junta,” he said.

“We urge the Singapore Stock Exchange to take regulatory measures against Interra resources for its ongoing business with licensed entities and military junta conspiracy in international crime.” The United States and the European Union are sanctioning other entities associated with the junta.

“We are asking the government to impose coordinated sanctions on banks controlled by Moge, MPE and Junta, which added that this “helps interlatent resources trading” with Moge.

In response to the report, the Singapore Exchange Regulations (SGX) asked Interla to clarify its involvement in Myanmar and confirm compliance with relevant Singapore laws, according to the company’s exchange application.

During the investigation, Interra decided to suspend the Bullus trade after consultation with SGX. “The company will request that the transaction cease if the issue raised in the SGX query be lifted,” Interra said in one of its filings.

He also said the suspension would allow them to seek legal advice regarding compliance with the US and EU sanctions against Moge.

A suspension of shares should not be taken to imply that there was fraud on the part of the company. A request for suspension is to ensure important information for shareholders and to be ordered with the company’s securities. It will be available to secure transactions,” Interra said.

Interra explained that GJOC, a joint venture in Myanmar, has signed a so-called improved oil recovery agreement (IPRC) with Moge.

However, Interra said it was not involved in signing these contracts several years ago when it became a participant when it acquired GCL in July 2003. In 2028, Interla’s response revealed that expansion took place among civilian governments, which had the current military regime ousted in February 2021.

“The terms of the GJOC’s IPRC (including royalty, production sharing and other terms) in Myanmar are similar to production sharing agreements in other jurisdictions,” Interra said. “The company operates under normal commercial terms and any contracts infiltrated by the company and/or GJOC are implemented in weapons length under normal commercial terms.”

“The (Myanmar Justice) report includes false allegations that GJOC increased production after an attempted coup. GJOC total oil production in Myanmar was previously in the past from 2019 to 2023. For five years, it peaked in 2020 with 970,513 barrels in 2020. It was before the coup,” Interla said.

“In addition, in 2021, total oil production fell to 587,060 barrels as GJOC had no continuous and uninterrupted access to field operations in the fields of Chauk and Yenangyaung.”

Interra added, “(i)T is incorrect to suggest that the group’s increase in revenue must be related to the activities of the junta in Myanmar.” Revenue is exposed to common oil and gas prices that depend on global factors such as supply and demand.

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