The Korean-led consortium developing a gas field off Burma's coast is to invest billions of dollars in a project to supply gas to China over 30 years, including a controversial plan to build a supply pipeline between the countries.
Starting in 2013, the consortium will feed 500m cubic feet of gas a day, or approximately 3.8m tonnes a year, to China National United Oil Corp.
The consortium is led by Daewoo International, with a 51 per cent stake, and includes India's Oil and Natural Gas Corp with 17 per cent and Myanmar Oil & Gas Enterprise, with 15 per cent. India's GAIL holds an 8.5 per cent stake and Korea Gas Corp (KOGAS) has 8.5 per cent. Daewoo said it would invest $1.68bn in the project, with KOGAS contributing $299m. The entire project is estimated to cost $5.6bn.