Posco Daewoo partners with Brunei company in natural gas business

By Lim Chang-won Posted : November 28, 2018, 16:21 Updated : November 28, 2018, 16:21

[Posco]


SEOUL -- To cope with the growing consumption of natural gas in the Asia-Pacific region, Posco Daewoo, a trading company affiliated with South Koren steel giant Posco, agreed with a Brunei state energy company to cooperate in exploring and developing natural gas while pushing for joint investments in infrastructure.

Posco Daewoo said Wednesday that it signed a memorandum of understanding with Brunei National Petroleum Company Sdn Bhd, known as PetroleumBRUNEI, to cooperate in a natural gas value chain which covers exploration, production, liquefaction, transportation and marketing.

The two companies agreed to jointly explore and develop Brunei's domestic and overseas blocks as well as deep-sea blocks being developed by Posco Daewoo. They would also review a joint investment in infrastructure projects including LNG liquefaction and import terminals.

"Strategic cooperation between Posco Daewoo, which has the highest upstream technology in the natural gas field, and PetroleumBRUNEI with various energy-related experiences will be a chance to broaden their business opportunity," Posco Daewoo CEO Kim Young-sang said in a statement.

In May, Posco Daewoo disclosed plans to invest 511.7 billion won ($ 453 million) in the second stage of its gas field project in Myanmar.
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