Daewoo in Myanmar gas deal

A consortium led by South Korea's Daewoo International will invest about $5.6 billion to develop Myanmar gas fields as part of a 30-year natural gas supply deal with China, a group member said yesterday.

The investment comes just a week after China signed a $41 billion liquefied natural gas import deal with Australia.

The Myanmar gas development plan will allow the consortium to supply natural gas to China's top oil and gas firm, China National Petroleum Corp (CNPC), with a peak daily production of 152.4 million cu m, or about 3.8 million tons annually.