Archive for the ‘pipped’ Category

China Pips (Screws) India on Myanmar Oil Deal

December 30, 2008

Is it any wonder that China’s offer to be a peacemaker between India and Pakistan was flatly rejected by India?  India sees itself as China’s rival and equal.

China, on the other hand, is often accused of seeing India as a clumsy little brother.

Just this last week, China signed an oil export agreement from Myanmar, in an area once 25% or more controlled by India.

The Business Standard of New Delhi reported the caper under the headline “China Pips India to Sign Gas Deal with Myanmar.”

“Pip”  is a British slang word meaning to screw, best, or take advantage, we are told….

Related:
China To Reap Most of Myanmar’s Oil

****************

China Pips India to Sign Gas Deal with Myanmar

The Business Standard, New Delhi

China has pipped India to sign a 30-year agreement to import natural gas from fields lying in offshore Myanmar where India’s state-owned companies have a 25 per cent stake.
China’s state oil and gas firm China National Petroleum Corp (CNPC) last week signed a Gas Sales Agreement with South Korea’s Daewoo International for buying gas from the Shwe field in A-1 offshore block and the adjoining A-3 block, industry sources said.

Daewoo is the operator in the two blocks with 51 per cent stake, while Oil and Natural Gas Corporation (ONGC) has 17 per cent and GAIL 8.5 per cent. Korea Gas Corporation has 8.5 per cent and Myanmar Oil and Gas Enterprise the remaining 15 per cent.

GAIL had offered a price of $5.01 per million British thermal unit to buy the entire gas from the offshore fields and pipe it to India through the northeastern states. But the military-rulers of Myanmar have chosen China, which will have to lay a longer pipeline to reach its south-western Yunnan province.

Sources said Myanmar would also be able to tap the pipeline running across its territory to meet its fuel needs once the gas starts flowing sometime in 2013.

Read the rest:
http://www.business-standard.com/india/news/
china-pips-india-to-sign-gas-dealmyanmar/01/0
9/344716/