SKorea-led consortium strikes Myanmar gas deal with China
Tuesday, 24 June 2008
SEOUL, June 23 (AFP): A South Korean-led international consortium said today it has reached a deal to sell natural gas from Myanmar to China.
The consortium led by Daewoo International, operator of two natural gasfields in waters off Myanmar, said it signed a memorandum of understanding with China National Petroleum Corp last week.
Daewoo said in a statement it expects more than 10 billion dollars in profit in the next 25 years starting 2012, when the production of natural gas is expected to begin.
Daewoo has a 51 per cent stake in the consortium, followed by India's Oil and Natural Gas Corp with 17 per cent; Myanmar Oil and Gas Enterprise with 15 per cent; India's GAIL with 8.5 per cent; and South Korea's Korea Gas Corp with a 8.5 per cent.
Daewoo said it is also exploring four more gasfields off the country.
Myanmar has attracted relatively little investment from the West, with Western governments denouncing the ruling junta for its poor human rights record.
The consortium led by Daewoo International, operator of two natural gasfields in waters off Myanmar, said it signed a memorandum of understanding with China National Petroleum Corp last week.
Daewoo said in a statement it expects more than 10 billion dollars in profit in the next 25 years starting 2012, when the production of natural gas is expected to begin.
Daewoo has a 51 per cent stake in the consortium, followed by India's Oil and Natural Gas Corp with 17 per cent; Myanmar Oil and Gas Enterprise with 15 per cent; India's GAIL with 8.5 per cent; and South Korea's Korea Gas Corp with a 8.5 per cent.
Daewoo said it is also exploring four more gasfields off the country.
Myanmar has attracted relatively little investment from the West, with Western governments denouncing the ruling junta for its poor human rights record.