ONGC, GAIL to pick stake in Chinese gas pipeline

Sources said the Cabinet Committee on Economic Affairs is likely to consider a proposal allowing ONGC Videsh, and GAIL to invest $251.2 million (around Rs 1,170 crore) in the 870-km pipeline China National Petroleum Corp is laying in Myanmar to supply gas found in offshore blocks A-1 and A-3 to mainland China.

ONGC has agreed to lend about Rs 4,000 crore to OVL to fund its share of cost of developing the gas fields in A-1 and A-3 blocks and the pipeline to China.