Leaked tax records suggest subsidiaries of international gas field contractors continued to make millions after the coup
The documents suggest that in some cases the subsidiaries of major US gas field service firms continued working in Myanmar – even after the US state department warned in January last year there were significant risks in doing business in the country – including with state-owned entities that financially benefit the junta, such as the national oil and gas company Myanma Oil and Gas Enterprise ., including on the managing director and deputy managing director of MOGE.
Myanmar Energy Services reported pre-tax profits of $6.3m in Myanmar in the year to September 2021, which includes eight months while the junta was in power. Schlumberger Logelco , the Panama-based subsidiary of the US-listed world’s largest offshore drilling company, earned revenues of $51.7m in the year to September 2021 in Myanmar and as late as September 2022 was owed $200,000 in service fees from the junta’s energy ministry.
the oil and gas industry is its biggest source of foreign-currency revenue, bringing in $1.72bn in the six months to 31 March 2022 alone.“Oilfield service companies in Myanmar have blood on their hands for operating in an industry that bankrolls the illegal Myanmar military junta, as it wages a campaign of terror against the people,” Maung said.
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