Daewoo ties up with Indian firm for oil project
From The Korea Herald
August 25, 2005
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Daewoo International Corp. announced yesterday that India-based Oil and Natural Gas Corp., Gail Ltd. and Korea Gas Corp. agreed to invest in its gas-drilling project in Myanmar.
According to the statement, Daewoo holds the majority stake of 60 percent in this project with ONGC and the other two companies investing 20 and 10 percent, respectively.
Three to ten trillion cubic feet of natural gas is estimated to be buried in Daewoo's A-3 gas block, which is located on the west shore of the country.
Lee Tae-yong, CEO of Daewoo International, said, "The co-investment decisions made by the largest natural gas distributor in Korea and India guarantee prospective purchasers as well as diversifying risks of the project."