Daewoo to tap Burma gas for China

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By Wire services

 23 June 2008 04:39 GMT

South Korea's Daewoo International said today its Burma gas consortium had agreed to sell natural gas to China National Petroleum Corporation (CNPC).

Daewoo, which operates Burma's A-1 and A-3 natural gas fields, said in a regulatory filing its consortium had signed a memorandum of understanding with CNPC on Friday over the sale and transportation of natural gas from the project.

Daewoo has a 51% stake in the fields, followed by India's Oil & Natural Gas Corporation (17%) and Gas Authority of India Limited (Gail) (8.5%), South Korea's Korea Gas (8.5%) and Myanmar Oil & Gas Enterprise with 15%.

The deal comes after China surprised markets last week by raising its nationwide fuel prices by up…

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