Daewoo International, a trading arm of POSCO, said Thursday it would start sales of natural gas, which will be produced from June in its two offshore gas blocks in Myanmar, to China. The company has explored natural gas in the A1 and A3 offshore blocks, Kyauk Phyu, Myanmar, since 2000 with a 51 percent stake.
The produced gas will be sold to the China National Petroleum Corporation and the gas will be transferred to inland China from Myanmar through a 800km-long pipeline, which will be completed at the end of this month, the company said.
Daewoo International expects to be able to produce 5,000 million cubic feet of natural gas every day from the two blocks for the next 25 to 30 years and so it will earn up to 400 billion won ($340 million) before tax per year on average from sales of gas produced in Myanmar.
