POSCO Confirms Its Stance Not to Sell Myanmar Gas Fields
POSCO Confirms Its Stance Not to Sell Myanmar Gas Fields
  • Korea IT Times
  • 승인 2015.06.29 17:49
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POSCO said on June 26 in a regulatory filing that it won't sell off the resource development unit of Daewoo International that has caused controversies within the group.

It has been a month since the rumor of selling the Myanmar gas fields reared its head. The discord between POSCO and its trading arm Daewoo International emerged on May 26 when a document detailing restructuring plans on the trading unit was uploaded on the group's Intranet page on which any employee can post messages anonymously.

Jeon Byeong-eal, Daewoo International CEO at the time, began criticizing the group's plan to sell off the Myanmar assets, which again led to rumors of his dismissal. POSCO Group instead fired on June 10 Cho Chung-myung, then head of value management business unit, for allowing the confidential document to be circulated, followed by an announcement of voluntary resignation of Jeon on the 16th.

The Myanmar gas fields are one of the prized assets by POSCO Group, with expected profit for 25 years until 2022 from its acquisition in 1997 estimated at 10 trillion won. The emergency management reform committee held an interim meeting recently in which group chairman Kwon Oh-joon was in attendance decided to keep the assets despite the current poor results.

The chairman commented on June 9 in relation to the rumor about the gas fields, "All business units within POSCO Group are up for restructuring and it is no exception for the Myanmar gas fields. I ordered some of the planning officers to review the sale possibility of the gas fields in preparation for the current market conditions to worsen further. Unfortunately, the press have blown it out of all proportion, speculating about outright sale."


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