31 May 2007 - 18:18
  • News Code: 106028

NEW DELHI -- India is planning to review future investment in Myanmar"s energy sector after Yangon said it would sell gas to China.

India is unhappy with Myanmar, formerly Burma, as it decided to sell gas produced from A1 and A3 blocks to China, The Financial Express newspaper reported Tuesday.

 

New Delhi has said Yangon overlooked India"s interest though India"s state-run oil and gas companies hold stakes in the two blocks. China has no stake in the fields.

 

India"s state-owned Gas Authority of India Ltd. and ONGC Videsh Ltd. hold 30 percent equity in the A1 and A3 blocks. South Korea"s Daewoo International has 60 percent stakes and is the lead operator of the blocks, and the Korean Gas Company holds the rest.

 

GAIL offered to buy gas at $4.759 per million British thermal units at a meeting recently called by Myanmar"s energy ministry. The ministry refused to consider India"s offer, however.

 

"GAIL is already reconsidering its decision on whether to invest in the A7 and other blocks in Myanmar," a GAIL spokesman said. "We will take a decision on whether or not to review our participation in laying a pipeline to transport gas from A1 and A3 blocks only after ascertaining the views of the foreign ministry," the spokesman said.

 

PIN/UPI

News Code 106028

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