Myanmar raising Korean development loan for Shwe pipeline

The government of Myanmar is seeking parliamentary approval for a $131 million loan from the Korean Economic Development and Cooperation Fund (EDCF) to finance the upgrade and expansion of a gas pipeline to connect the Shwe offshore gas field to the Myanmar-China gas pipeline. The project will also enable distribution of natural gas from the Shwe offshore project to Shwe Taung and Myan Aung natural gas power plants and manufacturing businesses near Pyay. The loan tenor is 40 years (15 years grace period and 25 years repayment) with an interest rate of 0.01% and a 0.1% service charge.