SEOUL, KOREA - The share price of Daewoo International, Korea's largest general trading company and a subsidiary of POSCO, is on the rise on expectations that its performance would improve substantially after the successful gas production in Myanmar. At 9:05 am on July 22, the price of Daewoo International shares was 38,000 won, up 5.56 percent from the previous day's closing price of 36,000 won.

 

On the 21st, the company had announced that it began commercial production of natural gas from its Mya offshore gas field by selling it to China through a series of underwater and overland pipelines. The company expected that it would be able to earn about 300 to 400 billion won of pretax income a year for the next 25-30 years from the gas field.

 

This is the achievement after 13 years of drilling in the hitherto hopeless gas fields. Beginning with the Mya gas field, Daewoo International will continue to explore nearby offshore fields of Shwe and Shwe Phyu in stages.