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18 February 2010 at 18:00 IST
ONGC, GAIL allowed to pick stakes in Chinese pipeline
NEW DELHI (Commodity Online): The Indian government has allowed state run ONGC and GAIL to invest and acquire stakes in the gas pipeline that China is building in Myanmar.
The Cabinet Committee on Economic Affairs headed by Prime Minister Dr Manmohan Singh on Thursday approved the proposal to acquire 12.5% stake by ONGC and GAIL and allowed them to infuse $1 billion more in fields that will provide gas to be shipped to China through the pipeline.
ONGC Videsh Ltd, the overseas investment arm of Oil and Natural Gas Corp, will invest $167.84 million in taking 8.35% stake in the pipeline while GAIL will invest $83.88 million for taking 4.17% stake in the pipeline being constructed by China National Petroleum Corp (CNPC) to transport gas found in block A-1 and A-3 off the Myanmar coast, said an official statement.
CNPC is building the $2.01 billion pipeline to ship gas from blocks A-1 and A-3, where OVL and GAIL India hold 17% and 8.5% stakes respectively, to China.
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