NEW DELHI (Pakistan Point News / Sputnik - 24th June, 2020) The Indian government has green-lighted an additional 9.1 billion rupees ($121 million) in investment in development of the Shwe gas field off Myanmar's coast, Information and Broadcasting Minister Prakash Javadekar said on Wednesday.
"Union Cabinet, chaired by Prime Minister Narendra Modi, approves additional investment of its Rs 909 crore [9.09 billion rupees] by ONGC Videsh Ltd. for development of gas blocks A-1 and A-3 Blocks of Myanmar, this is part of our Look East Policy," Javadekar said at a press conference after the government's meeting.
ONGC Videsh Ltd, an international arm of India's national oil and gas giant, has been taking part in the development and exploration of the Shwe field since 2002, as part of a consortium with Myanmar and South Korea.
The Look East Policy is a long-term strategy aimed at boosting relations with immediate neighbors in Southeast Asia to consolidate India's position as a regional power and counterweight China's influence.
