Daesung Group to join natural gas pipeline project
Daesung Group said it is participating in the "Pipeline Natural Gas (PNG)" project aimed at transporting natural gas
from a gas field in Indonesia to Shanghai in 2008.
"Daesung is working with Partnership for Equitable Growth (PEG), a corporation which leads the PNG project named
Asian Gas Grid (AGG)," Daesung Group Chairman Kim Young-hoon.
The project, in which PEG plans to invest an estimated $ 8 bn, was endorsed at the 1998 summit of the Asia-Pacific
Economic Cooperation (APEC) forum. Kim has been collaborating with counterparts from six Asian countries --
Indonesia, Vietnam, Hong Kong, Taiwan, Brunei and China -- to promote the AGG plan since 1999 when PEG was founded.
He was named to lead PEG April 6.
The AGG project is to send natural gas through a 4,875 km seabed tunnel extending from the Indonesian gas field, with
gas reserves of 5 bn tons, into Shanghai via four countries, Daesung said.
After one year of reviewing laws and technical feasibility, PEG plans to finish financing by 2003 and construction by March 2008 to provide gas in time for the 2008 Beijing Summer Olympics.
