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Indian and South Korean Companies Sign Gas Development Plan for Burma

  • VOA News

South Korea's Daewoo International has signed an agreement with three international investment partners to explore a gas field in Burma.

The agreement calls for Daewoo, along with South Korea's state-run gas developer "KoGas", and India's two state-run developers - Oil and Natural Gas Corporation and the Gas Authority of India - to start exploring a gas field in the sea off Burma's western coast, called Block A-3.

Under the plan, Daewoo will fund 60% of the project, while the other three companies will invest between 10 and 20%. Officials with Daewoo International say initial tests show the undersea field has major potential.

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