Tuesday, January 30, 2018

Posco Daewoo seeks to expand natural gas business

Posco Daewoo, the trading arm of South Korean steel giant Posco, is seeking to expand its energy business, specifically in the natural gas sector, the Korea Herald reported.

The company’s CEO, Kim Young-sang, attended Baker Hughes, a GE company’s annual meeting in Italy, as a panelist to discuss global energy trends, the company said.

As the only Korean panelist, Kim spoke about successful business models to cope with changes in the energy industry, the Herald reported.

Kim’s attendance at the event reflects Posco Daewoo winning recognition from major companies as an energy service company following its successful natural gas development and operations in Myanmar, the firm said.

Kim also met Lorenzo Simonelli, chairman of Baker Hughes, to discuss possible business partnerships, it added.

Last week, the company said it would establish an integrated energy value chain that will encompass gas production, trading and power generation, Kallanish Energy learns.

Posco Daewoo will take part in 10 new gas production projects over the next five years, with a goal of becoming a global exploration and production firm, it said.

Source: Daily Dose of ShaleDirectories.com News


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