Investment in Myanmar to help China
Amidst a brutal border standoff, the government has approved investments in a Myanmar project which will lead to more gas for China.
The Cabinet Committee of Economic Affairs, under Prime Minister Narendra Modi, has approved an additional investment of $121.27 million by ONGC Videsh for the development of Block A-1 and A-3 of the Shwe oil and gas project in Myanmar.
The gas produced from the project is being distributed locally in Myanmar, as well as sold to China by China National United Oil Corporation through a 40-inch diameter pipeline at the rate of four million cubic feet per day.
OVL, the overseas arm of state-owned ONGC had picked up a stake in the Shwe project in Myanmar in 2002. The company has invested $722 million till March 31, 2019.
