Daewoo mulls $3b Myanmar LNG plant

Daewoo mulls $3b Myanmar LNG plant

YANGON: South Korea's Daewoo International Corp. will build a US$3 billion liquefied natural gas plant in Myanmar if additional reserves are found in a field off western Myanmar's coast, a newspaper reported on Monday.

The company will build the LNG plant if at least 230 billion cubic meters of new natural gas reserves are discovered in the A- 1 block off western Rakhine state, The Myanmar Times reported, quoting Dr. Yang Su-Yeong, managing director of Daewoo's Myanmar unit.

Daewoo holds a 60 percent stake in the field, while India's ONGC Videsh has 20 percent. Korea Gas Corp. and Gail India have 10 percent each in the consortium. -- AP