ONGC-GAIL to invest in Myanmar gas project

New Delhi: The Cabinet Committee on Economic Affairs (CCEA) under the Union Government has given approval to Oil and Natural Gas Corporation (ONGC) and Gas Authority of India (GAIL) for taking up 8.35 per cent and 4.17 per cent stake respectively, in a pipeline that China is developing in Myanmar for transporting gas from offshore blocks A-1 and A-3.

ONGC Videsh (OVL) and GAIL will invest Rs 776 crore and Rs 388 crore respectively for building the pipeline. CCEA has also allowed OVL to invest another Rs 3,849 crore in the blocks and in the pipeline project. GAIL will invest up to Rs 2,320 crore in the projects.

China National Petroleum Corporation (CNPC) is building the Rs 9,246 crore pipeline for transporting gas from the two Myanmar blocks to Southwest China's Yunnan province.