
Interra Resources had not breached foreign sanctions in Myanmar, legal advisor says
The advisor's report follows allegations from activist group Justice for Myanmar that Interra had helped supply the country's ruling military with oil and contributed to war crimes.
The company said in a statement that the risk of financial impact resulting from any potential violations of sanctions will also be minimal.
Myanmar has been in turmoil since the military overthrew the elected civilian government of Nobel laureate Aung San Suu Kyi in February 2021, triggering pro-democracy protests that morphed into a widening armed rebellion that has taken over swathes of the country.
Interra holds a participating interest of about 60% in Goldpetrol Joint Operating Company (GJOC), according to its website. GJOC operates two of the onshore producing oil fields in Chauk and Yenangyaung in central Myanmar.
GJOC secured the production-sharing contract for oil exploration and production with Myanma Oil and Gas Enterprise (MOGE), Myanmar's state oil and gas enterprise, in late 1996. It was extended for 11 years in April 2017.
In February, Interra had said production-sharing contract between its subsidiary and Myanma Oil and Gas Enterprise was extended years before the military seized power in 2021.
After the military's coup in 2021, the United States and the European Union imposed sanctions on MOGE.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


Reuters
26 minutes ago
- Reuters
KKR in talks to buy ST Telemedia Global Data Centres, Bloomberg News reports
July 26 (Reuters) - KKR (KKR.N), opens new tab is in talks to buy ST Telemedia Global Data Centres in a deal that could value the Asian digital infrastructure provider at more than $5 billion, Bloomberg News reported on Saturday, citing people familiar with the matter. Reuters could not immediately verify the report.


BBC News
5 hours ago
- BBC News
Why di demand for matcha tea dey dry up global supply
Matcha mania dey sweep di world. Dem fit see di bright green Japanese tea in everytin from Starbucks' lattes for UK to Krispy Kreme doughnuts for Singapore. Social media dey drive di global craze for matcha, as influencers dey share brewing tips, reviews and recipes. Di "Matcha Tok" hashtag don get up to tens of millions of views. Matcha growing popularity also dey linked to Japan post-pandemic tourism boom, as di kontri weak currency dey make am attractive destination as well as boosting demand for Japanese goods. For di middle of di hype, demand for di powder dey rise. US-based tea importer Lauren Purvis tell BBC say her customers dey see once as month supply of matcha running out in days. "Some cafes even dey ask for one kilo per day. Dem dey desperate to keep up," Ms Purvis, wey dey run Mizuba Tea Co tok. But di high demand, combined wit smaller tea crops sake of heatwaves and US tariffs on Japan, also dey push up matcha prices. Traditionally, Matcha - wey pipo dey use sake of im health benefits, caffeine and flavour - na di product of one centuries-old and highly-specialised process. Dem dey make am from green tea leaves called na tencha, wey dem dey keep under shade for weeks as dem still dey grow. Dis step dey very important for developing di tea signature "umami" flavour - one ogbonge taste wey complement dia natural sweetness. Dem go harvest di leaves, dem go use stone mills dry and ground dem into powder, wey fit produce just 40g (1.4oz) of matcha one hour. But in recent months growers dey struggle, as record-breaking heatwaves dey affect crops. For di Kyoto region, wia about one quarter of Japan tencha come from, hot weather don lead to poor harvests even as demand increase. Di kontri also dey face shortage of farmers as dia population dey old and younger pipo wey dey go di industry no plenty. Shops for Uji, one city for Kyoto famous for matcha, dey always see dia shelves go empty as tourists dey enta to buy once dem open dia doors. Sake of day, many retailers don set limits on how much customers fit buy. Kyoto-based Camellia Tea Ceremony dey allow customers buy only one tin of matcha each as visitor numbers doubled ova di last year, director Atsuko Mori tok. Tea master Rie Takeda also tok say she gatz closely monitor her stocks of matcha, as orders wey go bifor arrive in just days now dey take more dan one week. She dey work for Chazen, one tea ceremony chain for Tokyo, wey dey host traditional rituals serving matcha to guests. Shortages mean tea prices for Chazen outlets don rise by around 30% dis year. "[Di demand] dey good," Ms Takeda tok through one translator. "Na gateway for more pipo to sabi about Japanese culture." E also don attract more growers. Matcha production nearly triple between 2010 and 2023, according to Japan agricultural ministry. Dem also tok say green tea exports, including matcha, also rise 25% last year to 36.4bn yen (£180m; $250m). Savour, not hoard Di craze for matcha craze don spark one movement to promote more mindful consumption. Advocates don call out pipo wey dem see say dey hoard matcha or dey profit from dia popularity. Odas don ask tea drinkers to dey careful about how much dem dey use, and to savour matcha for dia purest form instead of as ingredient in recipes. E dey "a bit sad" to see how pipo dey use high-grade matcha to cook – as dia delicate flavour often no dey show - or stockpiled for resale, Ms Mori tok "Matcha na di highest grade of tea and e dey so special to us. So a bit of a contradiction dey wen I hear stories about how dem dey resell am or use am for food." Di Global Japanese Tea Association dey encourage pipo to use lower grade matcha from later harvests, wey plenty and good for cooking. High-grade matcha dey often lose dia delicate flavour wen dem use am in drinks like lattes, dem add. "Promoting awareness of these distinctions dey help ensure say Japanese tea dey enjoyed wit respect, while supporting di craft and tradition behind am," di association tok. Dem also say di prices of matcha dey likely to rise further sake of tariffs US dey impose on Japan. On Tuesday, Washington and Tokyo bin announce one trade deal wey go mean a 15% import tax on Japanese products wey dey enta US. Matcha distributors like Ms Purvis dey ready for di impact. Di Oregon-based entrepreneur say orders go up by more dan 70% for early July ahead of one deadline for di two kontris to reach trade agreement. "As dem no dey grow Japanese tea for US, no American industry dey under threat wey tariffs need to protect," she tok. "We hope say dem go realise say dem need to exempt specialty tea." Even as soaring demand and limited supplies push up prices, some light dey on di horizon. At least one matcha cafe chain dey reason say prices go come down in di future - although not for a while. "Pipo dey buy am well-well at di demand and di demand dey grow rapidly, but we think say e go calm down a bit in two to three years."


BBC News
18 hours ago
- BBC News
Matcha: World's thirst for the tea swallows global supplies
Matcha mania is sweeping the world. The bright green Japanese tea can be found in everything from Starbucks' lattes in the UK to Krispy Kreme doughnuts in global matcha craze is being driven by social media, with influencers sharing brewing tips, reviews and recipes. The "Matcha Tok" hashtag has clocked up tens of millions of growing popularity is also linked to Japan's post-pandemic tourism boom, with the country's weak currency making it an attractive destination as well as boosting demand for Japanese the midst of the hype, demand for the powder is soaring. US-based tea importer Lauren Purvis tells the BBC her customers are seeing what was once a month's supply of matcha running out in days."Some cafes are even asking for a kilo a day. They're desperate to keep up," says Ms Purvis, who runs Mizuba Tea that surging demand, combined with smaller tea crops due to heatwaves and US tariffs on Japan, is also pushing up matcha prices. Traditionally, Matcha - which is sought for its health benefits, caffeine and flavour - is the product of a centuries-old and highly-specialised is made from green tea leaves called tencha, which are kept under shade for weeks while they're still growing. This step is crucial for developing the tea's signature "umami" flavour - a savoury taste that complements its natural leaves are harvested, dried and ground into powder using stone mills, which can produce just 40g (1.4oz) of matcha an in recent months growers have struggled, as record-breaking heatwaves have hit the Kyoto region, where about a quarter of Japan's tencha comes from, hot weather has led to poor harvests even as demand country also faces a shortage of farmers as its population ages and not enough younger people go into the in Uji, a city in Kyoto famous for matcha, often see their shelves emptied by tourists as soon as their doors a result, many retailers have set limits on how much customers can Camellia Tea Ceremony allows customers to purchase only one tin of matcha each as visitor numbers doubled over the last year, says director Atsuko master Rie Takeda says she also has to closely monitor her stocks of matcha, as orders that would previously arrive in just days can now take more than a works for Chazen, a tea ceremony chain based in Tokyo, which hosts traditional rituals serving matcha to guests. Shortages mean tea prices at Chazen's outlets have risen by around 30% this year."[The demand] is good," Ms Takeda said through a translator. "It's a gateway for more people to know about Japanese culture."It has also attracted more production nearly tripled between 2010 and 2023, according to Japan's agricultural also says green tea exports, including matcha, also rose 25% last year to 36.4bn yen (£180m; $250m). Savour, not hoard The matcha craze has sparked a movement to promote more mindful call out people they see as hoarding matcha or profiteering from its popularity. Others urge tea drinkers to be careful about how much they use, and to savour matcha in its purest form rather than as an ingredient in "a bit sad" to see high-grade matcha used in cooking - where its delicate flavour is often lost - or stockpiled for resale, said Ms Mori."Matcha is the highest grade of tea and it's so special to us. So there's a bit of a contradiction when I hear stories about how it's resold or used in food." The Global Japanese Tea Association is encouraging people to use lower-grade matcha from later harvests, which is more abundant and better-suited for matcha often loses its delicate flavour when used in drinks like lattes, it adds."Promoting awareness of these distinctions helps ensure Japanese tea is enjoyed with respect, while supporting the craft and tradition behind it," the association also says matcha prices are likely to rise further due to tariffs the US is imposing on Tuesday, Washington and Tokyo announced a trade deal that will mean a 15% import tax on Japanese products going into the distributors like Ms Purvis are bracing for the impact. The Oregon-based entrepreneur says orders surged by more than 70% in early July ahead of a deadline for the two countries to reach a trade agreement."As Japanese tea is not grown in the US, there is no American industry under threat that tariffs need to protect," she said. "We hope there will be a realisation that specialty tea should be exempt."Even as soaring demand and limited supplies push up prices, there is some light on the least one matcha cafe chain thinks prices could ease in the future - although not for a while."Low quality matcha is selling for a high price, and we think that this will no longer be a viable business," Masahiro Nagata, co-founder of the Matcha Tokyo, told the BBC."There is a boom at the moment and demand is growing rapidly, but we think that will calm down a bit in two to three years."