ONGC exploring swap deals to import gas from Myanmar

NEW DELHI (Reuters) - A unit of Oil and Natural Gas Corp Ltd (ONGC) is in early talks with Gazprom for supply of natural gas through a complex swap involving Russia, China and Myanmar, the head of the unit said on Wednesday.

The unit, ONGC Videsh Ltd, and two other state companies, GAIL and Engineers India Ltd, first discussed the idea with Gazprom a few months ago, said Narendra K. Verma, ONGC Videsh's managing director.

"Myanmar is sending gas to China through an existing pipeline ... if Russia can provide equivalent gas to China, then we can reverse the flow of gas from Myanmar to China and bring that gas to India," Verma told reporters on the sidelines of India's Petrotech energy conference.

"For that we'll need a pipeline from Myanmar to India."

He said this was the best way of getting Russia to help India with its gas needs, but would need the cooperation of China and Myanmar.

(Reporting by Promit Mukherjee and Sudarshan Varadan; Editing by Sam Holmes)