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Daewoo says no plan to change Myanmar investment

Author: Intl. Business Times, Published on: 28 September 2007

South Korea's Daewoo International Corp, which leads a multi-billion dollar energy project in Myanmar, will not alter its investments there following a violent government crackdown on protests..."We have gas fields under production and three other fields under exploration, which...can't be easily changed because of domestic issues," said Cho Sang-hyun, spokesman for Daewoo International. "Politics is politics. Economics is economics." The fields are being operated by an international consortium, with Daewoo having a 60 percent stake in the blocks. Other stakeholders include Korea Gas Corp. with a 10 percent stake, India's Oil and Natural Gas Corp. with 20 percent, while India's natural gas utility GAIL owns 10 percent. [also refers to Total, Chevron]

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Related companies: Daewoo International (part of Posco) GAIL (Gas Authority of India Ltd.) KOGAS (Korea Gas Corporation) ONGC (Oil & Natural Gas Corporation)