Thursday, 25 February 2010 17:53 Mizzima News (News Brief)
(Mizzima) - South Korea’s Hyundai Heavy Industries (HHI) on Tuesday signed a contract for a US $ 1.4 billion project to build gas facilities in military-ruled Burma.
A HHI press release on Tuesday said, the company signed the contract for SHWE project in Burma’s western coast with Daewoo International Corporation, which had sent a letter of intent for the project in October 2009 to HHI.
Under the contract, HHI would build offshore gas fields in the Bay of Bengal by March 2013, and will install a gas production and processing platform to produce gas, transport it to Ramree Island through subsea pipelines and export the gas to China through an onshore gas terminal.
“Hyundai Heavy will handle the entire project on a turnkey basis including engineering, procurement, construction, installation and commission. The company will build a 40,000-ton class offshore gas platform, a subsea production system, subsea pipelines, an onshore gas terminal, a jetty and a supply base. The project will be completed by March 2013,” the press release said.
In 2009, Burma agreed to supply gas from the A-1 and A-3 blocks of Shwe gas fields, which is being developed by a consortium led by South Korea’s Deawoo International, to China National Petroleum Corp for a period of three decades.
Daewoo International plans to begin supplying gas from the field in May of the same year to China. The project will produce 500 million cubic feet of gas per day for 25 to 30 years, and all the gas will be delivered to China.
The gas fields are estimated to hold between 4.5 trillion and 7.7 trillion cubic feet of gas, according to Daewoo International.
Thursday, February 25, 2010
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