YANGON/SINGAPORE (Bloomberg): Singapore-listed oil production company Interra Resources said it is seeking legal advice to determine whether its subsidiaries violated foreign laws in supplying oil to military-controlled Myanmar.
The company is looking into "whether a potential violation may have any impact on the business and operations of the group,” it said in response to queries from the Singapore Exchange on Thursday.
Interra Resources said it is also seeking clarity on the adequacy and effectiveness of the control measures to address these risks.
Western energy companies have largely withdrawn from the war-torn Southeast Asian nation after the military seized control in a coup four years ago.
The US and Europe have repeatedly hit Myanmar with sanctions, including against the state-owned Myanma Oil and Gas Enterprise.
Interra Resources suspended trading earlier this week following a report from activist group Justice for Myanmar that alleged the company helped supply the junta with over two million barrels of oil and had a role fueling the war effort.
The company on Thursday dismissed the allegation as sensationalized and based on "unverified conjectures.”
The company will request for a lifting of the trading suspension "when there is clarity in the findings,” it said.
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