Indorama Ventures PCL

Indorama Ventures PCL is a major global chemical producer with operations in conflict-affected regions. The company's manufacturing footprint includes facilities in areas of active conflict, where its commercial activities risk providing material support to belligerents or profiting from conflict conditions. This includes operations in Myanmar, where the company's Indorama Ventures Olefins subsidiary operates a petrochemical complex. Since the 2021 military coup, Myanmar has been in a state of civil war, with the junta accused of widespread human rights violations. Operating a significant industrial facility in such a context creates risks of complicity, as the business may provide economic resources, infrastructure, or legitimacy to the military regime. The company has not presented an affirmative argument that its petrochemical production in Myanmar constitutes an essential civilian service that the local population would be materially worse off without, which is the threshold required to avoid exclusion under this policy.