POSCO Daewoo and PetroleumBRUNEI plan LNG projects, including bunkering

Thu 29 Nov 2018, 14:35 GMT

POSCO Daewoo and PetroleumBRUNEI plan LNG projects, including bunkering

Liquefaction and import terminals also envisaged.

POSCO Daewoo president Kim Young-sang (left) and PetroleumBRUNEI president Haydn Furlonge (right) at the MOU signing in Brunei on November 28.

POSCO Daewoo has signed a memorandum of understanding (MoU) with natonal oil company PetroleumBRUNEI to examine and develop LNG projects.

The two Asian firms are to look into investing in gas infrastructure projects - including LNG liquefaction and import terminals - and implementing initiatives throughout the value chain, with bunkering also forming part of the plan.

Additionally, the partners are to jointly explore and develop gas fields in Brunei and other locations as well as the deep-sea gas fields under development by POSCO Daewoo.

POSCO Daewoo commenced LNG trading last year, generating more than $50m in revenue, and this year claims to have recorded more than $200m in sales.

Through the MoU with PetroleumBRUNEI, POSCO Daewoo says it will especially be targeting LNG infrastructure and trading opportunities in the Asia-Pacific region, including Korea, where it expects demand to rise in the future.

LNG Republic of Korea


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