India backs extra Shwe funds

摘要

THE Indian government has given the green light to a $121.2 million investment by ONGC Videsh (OVL) for the further development of the Shwe oil and gas project off Myan-mar. A statement by the Indian Press Information Bureau (PIB) last week said that "the Cabinet Committee on Economic Affairs has approved an additional investment of $121.27 million by OVL towards further development of blocks A-1 and A-3" in Myanmar that together host the giant Shwe gas field. "OVL has been associated with exploration and development of the Shwe project in Myanmar since 2002, as part of a consortium of companies from South Korea, India and Myanmar," it said.