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Daewoo International said Monday it has signed a memorandum of understanding with the China National Petroleum Corporation to sell all the natural gas it extracts from Burma to CNPC.
Daewoo found a large gas field of 4.5 to 4.7 trillion cubic feet in the A-1 and A-3 mining areas in Burma in 2004. It is the largest gas field discovered by a Korean private firm, and enough to match the amount of natural gas consumed in Korea for five years.
Daewoo leads the international consortium producing and selling the gas with 51 percent of the share. Daewoo announced it may also participate in building the pipeline between Burma and China and the gas transport business. The deal package is expected to generate over US$10 billion of profits over 25 years starting 2012, when gas production begins.
(englishnews@chosun.com )
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