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Unfinished project in South Okkalapa tsp
THIS two-storey house in South Okkalapa township represents unfinished business. more
SKorean firm inks $1.4b gas deal
(Volume 26, No. 512)
SEOUL – Hyundai Heavy Industries said it signed a US$1.4 billion deal on February 23 with another South Korean firm to develop the Shwe gas field in Myanmar.
Hyundai Heavy, the world’s largest shipyard, signed the contract with trading company Daewoo International to build offshore and onshore plant at the project off the Rakhine State coast by March 2013.
The project will produce 500 million cubic feet of gas a day for between 25 and 30 years. The field is estimated to hold between 4.5 trillion and 7.7 trillion cubic feet of gas.
Hyundai Heavy will build a 40,000-tonne offshore gas platform, a subsea production system, pipelines, an onshore gas terminal, a jetty and a supply base.
“The project will help to enhance the partnership between Hyundai Heavy and Daewooo International,” Hyundai Heavy CEO Oh Byung-Wook said in a statement, adding his company expects additional orders in Myanmar.
Daewoo International has agreed to supply gas from the field from May 2013 to China’s Yunnan province via pipeline.
The pipeline will be built by China’s CNPC Southeast Asia Pipeline Company, along with a 400,000 barrels per day capacity oil pipeline. The combined cost of the two pipelines is estimated at $2.45 billion, a senior Myanma Oil and Gas Enterprise (MOGE) official said at a conference in Bangkok in November.
In October 2010, work will begin on the 40-inch diameter natural gas pipeline, which should be finished by February 2013, while the oil pipeline will be finished by the end of 2015, according to MOGE.
