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|3 November 2009
Hyundai Heavy to build Daewoo’s gas facilities in Myanmar
Daewoo International Corp has picked Hyundai Heavy Industries Co as the builder of the natural gas development facilities for gas fields in Myanmar, reported the Korea Herald.
Hyundai Heavy will construct $1.4 billion worth of facilities that can produce, process and transport natural gas from two offshore blocks, A-1 and A-3, Daewoo officials said.
The contract between Daewoo International and Hyundai Heavy will be signed right after the Myanmar government's approval, they said.
The decision came as Daewoo International announced that it has started commercialising the gas fields A-1 and A-3 as of November 1.
The company is leading a group to develop the gas fields in Myanmar, holding a 60 percent stake in the project. India's state-run firm Oil & National Gas Corp. has a 20 percent stake, followed by Korea Gas Corp. with 10 percent and Gas Authority of India Ltd with 10 percent.
If Myanmar's state-run oil firm Myanmar Oil & Gas Enterprise wants to have a 15 percent stake in the area, Daewoo International will have a 51 percent stake, followed by ONGC with 17 percent, MOGE with 15 percent, GAIL with 8.5 percent and Korea Gas with 8.5 percent, Daewoo officials said.
"The first gas supply will be possible by May 2013, with a daily output of 14 million cubic meters of gas. The production will last 25 to 30 years," an official of Daewoo International said.
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