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January 29, 2002 | 1420 IST
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Daewoo sells Myanmar gas project stake to India

South Korea's Daewoo International has sold 30 per cent of its stake in a gas project off Myanmar to two Indian energy companies, a company spokesman said on Tuesday.

India's Oil and Natural Gas Corporation took 20 per cent of the stake in the gas project in the A-1 gas field off Myanmar's northwest coast.

State-run gas marketing firm Gas Authority of India Ltd bought the remaining 10 per cent.

Daewoo International signed the contracts with the two Indian companies on Monday.

"We've successfully completed the planned stake sale and we will remain as the largest shareholder with a 60 per cent stake," Daewoo spokesman Kim Bum-seok told Reuters.

Last month, Daewoo sold a 10 per cent stake to state-run Korea Gas Corp, Korea's sole gas importer and distributor.

The stake sales are aimed at reducing the estimated $1 billion cost of developing the gas field, he said.

Daewoo was granted development rights to the site in the Bengal basin in August 2000.

A second feasibility study begun in June 2001 estimated that the block could yield about 10 trillion cubic feet of gas or 1.8 billion barrels of oil equivalent.

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