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Indian govt okays $1.35b investment
BANGKOK – India is investing US$1.35 billion in gas projects in Myanmar, the two governments have announced, as the neighbouring nations pursue closer economic and diplomatic ties.
India’s Oil and Natural Gas Corp (ONGC) and Gas Authority of India Ltd (GAIL) will spend $1.1 billion on rights to develop two gas field blocks and $250 million on a connecting pipeline, India’s energy ministry said in a statement.
Myanmar’s government confirmed the gas investment in a statement following broader diplomatic talks held with an Indian delegation on March 1 in Nay Pyi Taw.
Myanmar “welcomed the additional investment of $1.1 billion... for gas field development and upstream projects”, it said in a statement, referring only to the gas fields deal.
“Both sides agreed to strengthen cooperation in this field,” it said.
The other $250-million investment gives India a 12.5-percent stake in a $2-billion pipeline being built by China National Petroleum Corp (CNPC), China’s top oil producer. The first gas is expected in early 2013.
ONGC will spend $167.8 million while GAIL will invest $83.8 million in the 771-kilometre (480-mile) pipeline which will transport gas from the two blocks off the Myanmar coast to China.
The connected gas blocks are jointly owned by South Korea’s Daewoo, Korea Gas Corp, ONGC and GAIL. – AFP
