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CNPC to invest in Sino-Burma oil, gas pipeline

Published: 20 Nov 2008 17:18:01 PST

Nov. 20, 2008 (China Knowledge) - China National Petroleum Corporation (CNPC), parent of the country's largest oil and gas producer PetroChina<601857><857><PTR>, will team up with Myanmar Oil and Gas Enterprise to jointly invest in the Myanmar pipeline project valued at US$2.5 billion, sources reported.

CNPC will hold 50.9% stake in the project, while Myanmar Oil and Gas Enterprise will own the remaining. The Chinese oil producer will also be responsible to manage the pipeline project.

The pipeline will be engaged in transporting crude oil from the Middle East and natural gas from two gas fields A-1 and A-3 in the Bay of Bengal, which are developed by South Korean's Daewoo Group.

The pipeline is also expected to shorten the long detour through the congested Malacca Strait, sources reported.

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