Singapore-listed company linked to Myanmar junta’s war crimes through oil supply

A Justice For Myanmar investigation, in collaboration with UK-based Finance Uncovered, has revealed that Singapore-listed Interra Resources Ltd has supplied over 2.3 million barrels of crude oil to Myanmar’s military junta since its February 2021 coup attempt. Valued at over US$150 million, this oil supply has sustained the junta’s campaign of terror, marked by war crimes and crimes against humanity. Interra Resources owns 60% of Goldpetrol Joint Operating Company Inc, one of the last remaining companies extracting oil from Myanmar’s onshore fields. The other 40% is owned by North Petroleum International Co., a subsidiary of China North Industries Group Corporation (NORINCO), a Chinese state-owned arms manufacturer and supplier to Myanmar’s military. Goldpetrol sells its oil exclusively to Myanma Oil and Gas Enterprise (MOGE), a state-owned entity that serves as the junta’s main source of foreign revenue. Despite EU and US sanctions against MOGE, the revenue it generates continues to fund military operations that have caused civilian deaths, displacement, and destruction of infrastructure across Myanmar.

Goldpetrol’s role in sustaining the junta

Justice For Myanmar’s investigation reveals that Goldpetrol extracted over 855,000 barrels of oil in 2022 alone, accounting for 40% of Myanmar’s total production that year. The oil is refined at the junta-controlled Mann refinery, located in the Magway region, which also hosts critical military infrastructure. The oil is processed into diesel and aviation fuel, which powers military trucks, tanks, and aircraft. With international sanctions restricting imports and the collapse of Myanmar’s currency, this domestic fuel production is critical for the junta to sustain its military campaigns. Goldpetrol’s oil helped mitigate the junta’s fuel shortage as it faced international sanctions on its financial and fuel networks. From 2021 to 2023, Goldpetrol’s production generated more than US$55 million in revenue for Interra Resources. According to Justice For Myanmar, in 2022, as oil prices surged, the company’s production value exceeded US$67 million, boosting profits even as the junta intensified its crackdown.

Gaps in global sanctions

Justice For Myanmar’s investigation highlights how incomplete international sanctions have enabled the junta’s access to critical resources. While the EU and the USA have sanctioned MOGE, other vital components of the junta’s supply chain remain unsanctioned. Myanma Petrochemical Enterprise (MPE), which refines and distributes oil domestically, has not been sanctioned by any jurisdiction. Junta-controlled banks, such as Myanma Foreign Trade Bank (MFTB) and Myanma Investment and Commercial Bank (MICB), have been sanctioned only by the USA, Australia, and Canada. Justice For Myanmar has called on these countries, as well as the UK and Singapore, to implement coordinated sanctions on MOGE, MPE, and the junta’s banks to further restrict the junta’s access to foreign funds and fuel. Singapore, home to Interra Resources’ headquarters and its stock listing on the Singapore Stock Exchange (SGX), has yet to impose any sanctions on Myanmar’s junta.

Interra Resources' defence

In a statement to investigators, Interra Resources claimed that its subsidiary, Goldpetrol, was bound by contractual obligations under its production-sharing agreement with MOGE, requiring it to sell all extracted oil to the Myanmar government. The company also stated that it has no direct dealings with NORINCO or MPE. However, Justice For Myanmar has criticised this defence, noting that companies operating in conflict zones must conduct heightened due diligence under international standards, including the UN Guiding Principles on Business and Human Rights.

Corporate complicity and ownership

Interra Resources’ involvement in Myanmar’s oil sector is tied to a politically exposed ownership structure. Until 2023, one of its top shareholders was Indonesian billionaire Edwin Soeryadjaya, who sold his shares to Singaporean lawyer Ng Soon Kai. Ng is now the company’s largest shareholder, owning nearly 27%. Another significant shareholder is Poly Legend International Limited, linked to Chinese commodity trader Yang Peilin. Yang’s ties to China ZhenHua Oil, a subsidiary of NORINCO, raise further concerns about the company’s connections to the junta’s supply chain. Justice For Myanmar’s investigation also highlights that Goldpetrol’s contractual arrangements with MOGE result in the junta receiving more than half of the oil extracted, through baseline payments, taxes, and royalties. The remaining oil is sold back to MOGE, ensuring a continuous revenue stream.

Mann refinery and its strategic importance

The investigation found that the oil extracted by Goldpetrol is transported via the Ayeyarwady River to the Mann refinery in Magway. This refinery plays a critical role in producing aviation fuel, which is vital to the junta’s military campaigns. Night-time light analysis by experts shows a significant increase in activity at the refinery after the coup, coinciding with the junta’s increased demand for fuel. Reports indicate that the junta’s domestic production of aviation fuel surged by 174% in 2022, with over 2 million gallons produced that year.

Call for regulatory action and sanctions

Justice For Myanmar has urged the Singapore Stock Exchange to investigate Interra Resources and enforce regulatory actions to ensure compliance with its sanctions policy. The group also called on Interra to halt oil supplies to MOGE and exit its Myanmar operations. Without stronger sanctions and regulatory oversight, Justice For Myanmar warns that Interra Resources will continue profiting from Myanmar’s ongoing conflict. The group’s investigation underscores the urgent need for coordinated global action to disrupt the junta’s access to critical resources. As the junta’s campaign of violence escalates, with over 820 airstrikes and numerous civilian massacres reported in 2024, the oil extracted by Goldpetrol remains a lifeline for its operations. Ending this supply chain could significantly weaken the junta’s capacity to continue its war crimes.