China won the rights to natural gas from the biggest field in Myanmar, beating India in the race for resources among the two-fastest growing major economies.
Daewoo International, the operator of the field, picked a Chinese company as the preferred bidder to extract the gas, Daewoo International said in a regulatory filing, without naming the possible buyer. State-owned Indian companies own 30 percent of the field, which holds as much as 7.7 trillion cubic feet, or 218 billion cubic meters, of gas.
Gas commands a premium for fuel-hungry Asian nations as crude oil prices hover near $100 a barrel. India and China are competing for oil and gas to supply the two most populous nations in the world.
Daewoo International is the operator of the A-1 and A-3 offshore blocks, in which it has a 60 percent stake. Korea Gas owns 10 percent of the areas, GAIL India holds 10 percent and Oil & Natural Gas owns 20 percent.
"Gas from the field has to be sold and if Daewoo has chosen China, in principle, I see nothing wrong with it," the chairman of Oil & Natural Gas, R.S. Sharma, said. "GAIL was dealing with the bit relating to getting the gas to India."
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