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GAIL (India) Ltd chairman announced that the company will pick up a 4.17 per cent equity ($83.82 million) in the $2.01 billion gas pipeline from Myanmar to southern China. In 2008, Myanmar decided to sell the gas from Shwe and Shwe Phyu gas fields in A-1 block and Mya field in A-3 block in the Bay of Bengal to China National Petroleum Corp (CNPC) for 30 years beginning 2013. CNPC is laying the 870 km pipeline and will own 50.9 per cent equity in the project. ONGC Videsh Ltd. (OVL) also plans to buy 8.35 per cent equity ($167.83 million) in the pipeline. The three fields are estimated to hold 4.53 trillion cubic feet of certified gas reserves and expected to start producing 14.2 million standard cubic metres per day (mmscmd) gas from 2013.1
- 1. ‘ONGC Videsh, GAIL buying Myanmar pipeline stakes’, DNA, January 19, 2010 at http://asianenergy.blogspot.com/2010/01/gail-ongc-videsh-buying-myanmar....