Hyundai Heavy Industries Co., the world's largest shipyard, said Tuesday that it has signed a US$1.4 billion deal to build gas facilities in Myanmar
Under the contract with Daewoo International Corp., a South Korean trading company, Hyundai Heavy will build the facilities at an offshore gas field in northwestern Myanmar by March, 2013, the company said.
Daewoo International plans to begin supplying gas from the field in May of the same year to China.
In 2009, the Daewoo International-led consortium agreed to supply the gas through a pipeline to China National Petroleum Corp. for three decades.
The project will produce 500 million cubic feet of gas per day for between 25 and 30 years. 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 in total, according to Daewoo International.
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