POSCO DAEWOO Corp., the trading-to-energy development unit of steelmaker POSCO, said Thursday it will invest 511.7 billion won ($475 million) in a joint gas field development project in Myanmar.

POSCO DAEWOO will head the joint project, in which India’s state-run Oil and Natural Gas Corporation, the Myanmar Oil and Gas Enterprise, Gail (India) Ltd. and the Korea Gas Corp. will also take part.

POSCO DAEWOO holds a 51 percent stake in the project, a company spokesman said over the phone. 

The investment money will be spent to develop the Shwe Phyu gas field, one of three gas blocks developed and to be developed under the project. The two others are the Shwe and Mya gas fields, with the former under production from 2013, he said. 

The third gas field has yet to be developed, the spokesman said.

POSCO DAEWOO, the operator of the Shwe gas field, currently sells gas from the Shwe block in Myanmar and neighboring markets.

POSCO, the world’s fifth-biggest steelmaker by output, owns a 62 percent stake in POSCO DAEWOO. (Yonhap)