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POSCO International Incheon Songdo headquarters. (Photo= provided by POSCO International) |
[Alpha Biz= Reporter Kim Sangjin] POSCO International has begun its plan to increase production by increasing investment in Australia's natural gas business.
POSCO International (hereinafter referred to as POSCO Inter) held a board meeting on the 31st of last month and decided to participate in the paid-in capital increase in its subsidiary Cenex Energy. The paid-in capital increase will be joined by its partner, Hancock Energy. The two companies will invest 650 million Australian dollars (about 600 billion won), and POSCO Inter will participate in the capital increase to 326 million Australian dollars (about 300 billion won) depending on its 50.1% stake.
A POSCO Inter official explained that the investment is aimed at establishing an annual production system of 60 petazule (PJ, international energy calorie measurement unit) by 2026. Sixty petazule (PJ) is the amount that can produce LNG 120 million tons. The investment approved this time will be used to drill additional gas production plants and build gas field production facilities such as gas treatment facilities and transport pipes.
Alphabiz Reporter Kim SangJin(letyou@alphabiz.co.kr)
