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Fwd: FW: Daewoo Corp Wins $10 Billi

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>From: "ncgub" <ncgub@xxxxxxxxx>
>To: <ncgub@xxxxxxxxx>
>Subject: FW: Daewoo Corp Wins $10 Billion Oil Project in Burma
>Date: Fri, 11 Aug 2000 17:18:06 -0400
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>Daewoo Corp Wins $10 Billion Myanmar Oil Development Project
>Seoul, Aug. 10 (Bloomberg)
>Daewoo Corp., the largest and most-indebted unit of near-insolvent
>Daewoo Group, said it won an oil exploration project in Myanmar, which could
>be worth as much as $10 billion.
>Under an agreement signed with state-run Myanma Oil & Gas Enterprise, Daewoo
>will invest about $180 million over the next four years for the project,
>Kim Bum Seok, a spokesman for Daewoo Corp. Excavation will start Oct. 1, he
>The project will take place on the southern coast of Myanmar on the Bay of
>Bengal. Daewoo will have full ownership of the mine, which is expected to
>have a capacity of 500 million barrels of oil and 3 trillion cubic feet of
>gas, the company said.
>The project is part of Daewoo Corp.'s efforts to expand its presence in
>natural resources excavation projects around the world. The company earned
>billion won ($13.5 million) from a similar project in Peru, launched in
>and expects to start realizing profit from a liquefied natural gas
>development project in Vietnam this year.
>Daewoo Corp. is scheduled to split into three units -- trading, construction
>and a holding firm in charge of selling bad debt -- next month in an effort
>to improve its finances. Daewoo Group owes creditors about $80 billion after
>declaring that it couldn't pay back its debt last year.
>With the spin-off, creditors will swap 375.8 billion won ($338 million) of
>debt for equity in the trading unit and 727.5 billion won of debt for a
>in the construction company.
>Daewoo Corp. shares gained 2.7 percent to 385 won, adding to its 28 percent
>gain in the last three months.
>Aug/10/2000  4:22 ET