SKorea-led consortium strikes Myanmar gas deal with China

0 Comments | AFP, June, 2008

SEOUL (AFP) — A South Korean-led international consortium said Monday 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 percent stake in the consortium, followed by India's Oil and Natural Gas Corp with 17 percent; Myanmar Oil and Gas Enterprise with 15 percent; India's GAIL with 8.5 percent; and South Korea's Korea Gas Corp with a 8.5 percent.

Daewoo said it is...