Daewoo consortium signs gas supply agreement with China.Byline: SEOUL: (Image: ) South KoreaCOs Daewoo International said its Myanmar gas consortium had agreed to sell natural gas to China National Petroleum Corp. Daewoo, which operates MyanmarCOs A-1 and A-3 natural gas fields This list of natural gas fields includes major fields of the past and present. N.B. Some of the items listed are basins or projects that comprise many fields (e.g. Sakhalin has three fields: Chayvo, Odoptu, and Arkutun-Dagi). , said in a regulatory filing its consortium had signed a memorandum of understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. with CNPC CNPC China National Petroleum Corporation CNPC Centro Nacional de la Productividad y la Calidad (Chile) CNPC Commander, Navy Personnel Command CNPC China National Philatelic Corporation (Chinese stamp authority) over the sale and transportation of natural gas from the project. Daewoo has a 51 per cent stake in the fields, followed by India's Oil and Natural Gas Corp with 17 per cent, IndiaCOs Gail with 8.5 per cent and South KoreaCOs Korea Gas Corp with a 8.5 per cent and Myanmar Oil & Gas Enterprise with a 15 per cent. CNPC is the state-owned parent of listed PetroChina. The deal comes after China surprised markets last week by raising its nationwide fuel prices by up to 18 per cent in its biggest one-off hike. Few western companies will invest in the former Burma because of its poor human rights record and continued detention of Nobel Peace Prize The Nobel Peace Prize (Swedish and Norwegian: Nobels fredspris) is the name of one of five Nobel Prizes bequeathed by the Swedish industrialist and inventor Alfred Nobel. laureate Aung San Suu Kyi Aung San Suu Kyi (oung sän s  chē), 1945–, Burmese political leader. ,
which has led to a broad range of US and European sanctions. China,
typically wary of supporting or imposing sanctions and one of MyanmarCOs
few diplomatic allies, has shown no qualms about investing in its
neighbour, eager for its natural gas, oil, minerals and timber to feed a
booming economy. Daewoo said last year it had picked China as a
preferred bidder for natural gas from a project in Myanmar, putting it
at the front of a queue that also includes India and Thailand.
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