Interra Resources Limited, a Singapore-listed petroleum exploration company, has suspended trading of its shares on the Singapore Stock Exchange (SGX) as of 6 February 2025.
This action follows allegations from the activist group Justice for Myanmar (JFM), which claims that Interra, through its subsidiary, supplied over two million barrels of oil to Myanmar’s military junta since the 2021 coup.
In response to these allegations, Interra stated that its Improved Petroleum Recovery Contracts (IPRCs) were established and extended under Myanmar’s civilian government, prior to the military coup in 2021.
The company emphasised that the current contracts were obtained and extended before the military seized power.
Interra holds a 60% stake in Goldpetrol Joint Operating Company (GJOC), which operates two onshore oil fields in Chauk and Yenangyaung in central Myanmar.
The production-sharing contract between GJOC and the state-owned Myanma Oil and Gas Enterprise (MOGE) was initially secured in 1996 and extended for 11 years in April 2017.
The company has requested the trading suspension to address queries from the SGX and to seek legal counsel regarding compliance with foreign laws.
Interra stated that the suspension should not imply any wrongdoing and that it will request the lifting of the suspension once there is clarity on the matters raised.
Justice for Myanmar alleges that Interra, through GJOC, supplied over two million barrels of oil worth more than US$150 million to MOGE since the 2021 coup.
The activist group claims that this oil has been used to fuel military operations, contributing to ongoing conflict and human rights violations in Myanmar.
Interra refutes these allegations, stating that it has no control over how MOGE distributes or uses the oil produced by GJOC.
The company described the claims as sensationalised and untrue, asserting that its contracts were established under the civilian government and that it is fulfilling its contractual obligations.
