SEOUL, KOREA- POSCO chairman Chung Joon-Yang said on July 28 in a ceremony held in Yangon, Myanmar, to celebrate the kickoff of offshore natural gas commercialization, "Synergies among POSCO family members including Daewoo International are expected." The event was attended by Myanmarese Vice President Nyan Tun, Korean Vice Minister of Trade, Industry and Energy Han Jin-hyun, and Daewoo International vice chairman Lee Dong-hee, as well as the POSCO chairman.
Beginning this month, the POSCO-affiliated general trading company has been selling 120 million cubic feet of natural gas a day from offshore wells in Myanmar to China. From the year's end, it will increase the amount to more than 500 million cubic feet of gas a day.
The success of resource development investment in Myanmar is expected to benefit other POSCO group companies, including POSCO Plantec (manufacturing of gas well platform modules), POSCO Engineering & Construction (gas-fueled power plant construction), POSCO Energy (power plant operations), and POSCO (steel material supply). The POSCO chairman added in his speech, "This is the happiest day for us POSCO since the acquisition of Daewoo International."
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