New Delhi, Jun 24 (UNI) The Cabinet Committee on Economic Affairs on Wednesday approved additional investment of USD 121.27 million by ONGC Videsh Ltd (OVL) towards further development of Shwe oil & gas project in Myanmar.
Briefing reporters after the meeting, chaired by Prime Minister Narendra Modi, Union Minister Prakash Javadekar said the participation of Indian PSUs in oil and gas exploration and development projects in neighbouring countries is aligned with India’s Act East Policy, and also part of India’s strategy to develop Energy Bridges with its neighbours in addition to further strengthening India’s energy security needs.