Singapore Oil Producer Suspends Stock Trading amid Myanmar Allegations

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Singapore Oil Producer Suspends Stock Trading amid Myanmar Allegations

Interra Resources Ltd. has temporarily stopped trading on the Singapore exchange amid an inquiry by regulators into the company’s operations in junta-ruled Myanmar. Last month Justice for Myanmar, which describes itself as a covert group of activists exposing the ties of the country’s military rulers, accused the company of “complicity in the junta’s war crimes” […]

Interra Resources Ltd. has temporarily stopped trading on the Singapore exchange amid an inquiry by regulators into the company’s operations in junta-ruled Myanmar.

Last month Justice for Myanmar, which describes itself as a covert group of activists exposing the ties of the country’s military rulers, accused the company of “complicity in the junta’s war crimes” by continuing to produce oil in partnership with the junta-controlled Myanma Oil and Gas Enterprise (MOGE).

Citing Interra’s regulatory disclosures and “leaked financial reports”, Justice for Myanmar, which analyzed the information with help from London-based Finance Uncovered, said Interra delivered over 2.3 million barrels of oil to MOGE between January 2021 and December 2023.

The supply was made via the Singaporean firm’s 60 percent-owned Goldpetrol Joint Operating Co. Inc. (GJOC), according to Justice for Myanmar. Interra invests in GJOC via its wholly owned subsidiary Goldwater Co. Ltd. (GCL), while the remaining 40 percent of GJOC is held by a partner whose ultimate shareholder is China’s state-owned China North Industries Group Corp. Ltd., according to regulatory information from Interra.

“The oil was extracted from Goldpetrol’s two onshore fields, Chauk and Yenangyaung, in the Magway region, where the junta is committing war crimes and crimes against humanity”, Justice for Myanmar said in a report January 29, 2025.

“The oil was refined at the Mann Thanbayarkan petrochemical complex, which is operated by Myanma Petrochemical Enterprise (MPE), another part of the energy ministry that is illegally under junta control”, Justice for Myanmar added.

“Faced with international sanctions on its aviation fuel supply chain, the junta has been scrambling to find fuel as it wages war against the Myanmar people”, it said. “The Mann refinery makes diesel and jet fuel, which the military needs to power the aircraft, trucks, and tanks used in its commission of war crimes against civilians”.

“Justice For Myanmar calls for Interra Resources to immediately cease supplying oil to the military junta”, it said.

“We urge the Singapore stock exchange to take regulatory action against Interra Resources for its continued business with a sanctioned entity and its complicity in the junta’s international crimes”. The United States and the European Union have placed sanctions on MOGE and other entities linked to the junta.

“We call on governments to impose coordinated sanctions on MOGE, MPE and junta-controlled banks, which facilitate Interra Resources’ transactions with MOGE”, it added.

In response to the report, the Singapore Exchange Regulation (SGX) asked Interra to clarify its involvement in Myanmar and confirm its compliance with relevant Singaporean laws, according to exchange filings by the company.

Amid the inquiry, Interra decided to suspend bourse trading after consultation with SGX. “The Company will request for the lifting of the trading suspension when there is clarity on the matters raised in the SGX queries”, Interra stated in one of the filings.

It said the suspension would also allow it to seek legal advice concerning compliance with U.S. and EU sanctions against MOGE.

The shares suspension “should not be taken to imply that there has been any wrongdoing on the part of the Company; the request for suspension is to ensure information which would be important to shareholders is made available to ensure orderly trading in the company’s securities”, Interra said.

Interra explained that GJOC, its joint venture in Myanmar, has entered into so-called improved petroleum recovery contracts (IPRCs) with MOGE.

However, Interra said it was not involved in the signing of these contracts as these were executed years before it became a participant when it acquired GCL in July 2003. And while Interra was indeed already a participant when these contracts were extended from April 2017 to April 2028, the extension was made during the civilian government that the current junta ousted in February 2021, according to Interra’s response.

“The terms of the GJOC’s IPRCs in Myanmar (including royalties, production sharing as well as other terms) are similar to production sharing contracts in other jurisdictions”, Interra said. “The company conducts its business on normal commercial terms, and contracts which the company and/or GJOC have entered into have all been conducted on an arms’ length basis on the usual commercial terms”.

“The [Justice for Myanmar] report contains untrue allegations that GJOC ramped up output after the coup attempt… GJOC’s gross oil production in Myanmar has remained largely consistent for the past 5 years from 2019 to 2023 and had in fact peaked in 2020 with 970,513 barrels, which was before the coup”, Interra said.

“In addition, in 2021, the gross oil production decreased to 587,060 barrels as GJOC did not have continuous and uninterrupted access to its field operations at the Chauk and Yenangyaung fields”.

Interra added, “[I]t is erroneous to suggest that any increase in the Group’s revenue must be associated with the junta’s activities in Myanmar”. Revenue is exposed to prevailing oil and gas prices, which are dependent on global factors such as demand and supply, it explained.

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