“Interra exits Myanmar oil project, selling stake to Chinese-linked firm after sanctions pressure”, 3 July 2026

Singapore-listed Interra Resources Ltd. is withdrawing from one of Myanmar’s largest onshore oil projects, selling its entire stake to a Chinese-linked company after years of pressure over the project’s commercial ties to the military-controlled energy sector.

The company announced on June 22 that it will sell its interests in the Chauk and Yenangyaung oil fields in Magway Region to Sinopetro Holdings Limited for US$7.8 million.

The transaction ends Interra’s involvement in Goldpetrol Joint Operating Company, which operates two oil blocks covering nearly 450,000 acres and producing more than 2,000 barrels of crude oil per day. Interra held a 60% stake in the joint venture alongside China’s North Petroleum International Co. Ltd.

According to Interra, the sale is driven by Myanmar’s deteriorating business environment.

“The prolonged political situation in Myanmar” has created “an unfavourable business environment and operating condition,” the company said in its announcement.

Sinopetro is owned by three shareholder companies, including the parent company of North Petroleum International, meaning the oil project will effectively come under Chinese control once the sale is completed…

Justice For Myanmar said more than 2 million barrels of crude oil worth over US$150 million were sold from the Chauk and Yenangyaung fields to MOGE between the 2021 military coup and the end of 2023. The group argued that the sales undermined international sanctions while helping sustain fuel supplies for the Myanmar military.

In response, Interra suspended trading on the Singapore Stock Exchange and announced it would seek legal advice to determine if its actions might have violated foreign laws…

Civil society organisations opposing military rule have alleged that crude produced at the fields is refined at the Man Thanpayarkan Oil Refinery, operated by the junta-controlled Myanma Petrochemical Enterprise, where it could ultimately be used to produce fuel for military aircraft and other military vehicles…