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BANGKOK: Despite global outrage over Myanmar's bloody crackdown on dissent, multinational firms are still vying for the country's rich natural resources, throwing an economic lifeline to the military government.
US energy giant Chevron, French oil group Total and China's top oil producer China National Petroleum Corporation are among companies giving much-needed income to Myanmar, defying activists' calls to pull out.
Myanmar's military has been condemned worldwide for launching an offensive against protesters in its main city Yangon, killing at least 13 people, including a Japanese journalist, and jailing hundreds more.
US President George W. Bush last week unveiled new sanctions on the country's ruling generals in a speech to the UN General Assembly.
French President Nicolas Sarkozy also urged his country's businesses, including Total, to freeze their investments in the impoverished Southeast Asian nation, which has been ruled by the military since 1962.
Total has a 31 percent stake in Myanmar's major Yadana project, which would carry gas from fields in the Andaman Sea to power plants in Thailand.
The project is jointly run by the state-run Myanmar Oil and Gas Enterprise, Thailand's top oil exploration firm PTTEP, and US firm Unocal, which has been bought by Chevron. Chevron owns a 28-percent stake in the Yadana fields.
Japan's Nippon Oil Corp, South Korean's Daewoo International, Malaysia's state-run energy firm Petronas, as well as two Indian power giants, Gail India and Oil and Natural Gas Corp, are also jockeying for billion-dollar contracts.
Nippon Oil said there would be no change in its Myanmar operations following the bloody crackdown on demonstrations, which had steadily grown since August 19 following a massive hike in fuel prices for ordinary people.
"We see the political situation and energy business as separate matters," said a company spokesman in Tokyo. He declined to say how much Nippon Oil has invested in Myanmar, formerly known as Burma.
A spokesman for Daewoo, which recently discovered record gas reserves in Myanmar, declined to comment on the clampdown but said: "If South Korea decided to impose sanctions against Myanmar, we would have counterplans for that."
Apart from natural gas, global companies are also seeking Myanmar's teak, forest products, jade, gems, beans and textiles.
Neighbouring Thailand is the biggest buyer of Myanmar's exports, and Thai firms have also heavily invested in the agriculture and tourism sectors in the military-run country.
Another big neighbour, India, is also flexing its economic muscle. Major state-run infrastructure firm RITES has committed to spending 130 million dollars to develop a port in Sittwe, 560 kilometres (350 miles) west of Yangon.
Indian telecom firm TCIL and pharmaceutical company Zydus Cadila are among Indian firms operating in Myanmar.
Russia, which has called the crackdown an "internal matter," also announced in May it would help build a nuclear research centre in Myanmar.
Aung Thu Nyein, a Thai-based Myanmar analyst, praised Bush's tough measures against Myanmar and urged the world to follow the lead of the United States, a vocal critic of Myanmar, in an effort to pressure the military government.
"The world must be united in terms of imposing sanctions against Burma. Otherwise, sanctions remain useless against the junta," he said.
The US has imposed sanctions due to Myanmar's human rights abuses, including the detention of 62-year-old pro-democracy leader Aung San Suu Kyi, who has spent most of the past 18 years under house arrest in Yangon.
In the wake of Myanmar's crackdown, the US government ordered a freeze on the assets of military leader General Than Shwe and 13 other senior officials.
- AFP/ir
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