South Korea’s Daewoo International said its Myanmar gas consortium had agreed to sell natural gas to China National Petroleum Corp.

Daewoo, which operates Myanmar’s A-1 and A-3 natural gas fields, said in a regulatory filing its consortium had signed a memorandum of understanding with CNPC over the sale and transportation of natural gas from the project.
Daewoo has a 51 per cent stake in the fields, followed by India's Oil and Natural Gas Corp with 17 per cent, India’s Gail with 8.5 per cent and South Korea’s Korea Gas Corp with a 8.5 per cent and Myanmar Oil & Gas Enterprise with a 15 per cent.
CNPC is the state-owned parent of listed PetroChina.
The deal comes after China surprised markets last week by raising its nationwide fuel prices by up to 18 per cent in its biggest one-off hike.
Few western companies will invest in the former Burma because of its poor human rights record and continued detention of Nobel Peace Prize laureate Aung San Suu Kyi, which has led to a broad range of US and European sanctions.
China, typically wary of supporting or imposing sanctions and one of Myanmar’s few diplomatic allies, has shown no qualms about investing in its neighbour, eager for its natural gas, oil, minerals and timber to feed a booming economy.
Daewoo said last year it had picked China as a preferred bidder for natural gas from a project in Myanmar, putting it at the front of a queue that also includes India and Thailand.