South Korea's Daewoo International Corp. has signed a production-sharing contract with Myanmar for oil and gas exploration off the country's northwestern coast, a newspaper reported Tuesday.
Financial details of the contract, which was signed Monday, were not made public.
The agreement was signed by Chae Moon Rim, a senior executive for Daewoo, and U Myint Kyi, managing director of the Myanma Oil and Gas Enterprise, the New Light of Myanmar reported. Under the contract, Daewoo will help with production and exploration of oil and gas off Myanmar's northwestern Rakhine coast.
Daewoo is already involved in another exploration deal with Myanmar -- one of many companies that has signed contracts with the government since Myanmar began allowing foreign investment in 1988. Others include France's Total SA, Unocal Corp. of the United States, Malaysia's Petronas and Thailand's PTT Exploration & Production PCL.
Myanmar also has deals with companies from India, Australia, Canada and Indonesia.
AP
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