This guy is the lead photo. (Hkun Lat | Frontier)
This guy is the lead photo. (Hkun Lat | Frontier)

Daewoo CEO steps down over Myanmar pipeline row

YANGON — Jeon Byeong-eal, CEO of Daewoo International, has stood down from his position following a fallout related to its Myanmar natural gas project, according to Korean media reports.

According to various Korean media reports, Mr Jeon has been under pressure from Daewoo International’s majority owner POSCO since he openly disapproved of the steelmaking company’s previous plans to sell off a stake in the Shwe Gas pipeline as part of plans to restructure the company.

According to a report in the Korea Times, Mr Jeon posted numerous messages criticising the company’s decision to sell its stake. The same report said that Daewoo posted 94.1 billion won (US$85.1 million) in operating profit from the Myanmar project in the first quarter of this year.

The pipeline, which has been operational since June 2013, is pumping oil and gas from the Rakhine coast into southern China.

More stories

Latest Issue

Stories in this issue
Myanmar enters 2021 with more friends than foes
The early delivery of vaccines is one of the many boons of the country’s geopolitics, but to really take advantage, Myanmar must bury the legacy of its isolationist past.
Will the Kayin BGF go quietly?
The Kayin State Border Guard Force has come under intense pressure from the Tatmadaw over its extensive, controversial business interests and there’s concern the ultimatum could trigger fresh hostilities in one of the country’s most war-torn areas.

Support our independent journalism and get exclusive behind-the-scenes content and analysis

Stay on top of Myanmar current affairs with our Daily Briefing and Media Monitor newsletters.

Sign up for our Frontier Fridays newsletter. It’s a free weekly round-up featuring the most important events shaping Myanmar