- The two firms will share information about natural resource development and  related technologies

- The MOU will help the two bolster technological capabilities and explore  business opportunities  

 

   POSCO DAEWOO has signed an agreement with state-run gas supplier Korea Gas Corp. (KOGAS) to form a partnership in natural resource development and related technologies.

 

 The companies signed a memorandum of understanding at Grand InterContinental Seoul Parnas in Seoul on Monday with POSCO DAEWOO CEO Kim Young-sang, KOGAS CEO Lee Seung-hun and other senior executives.

 

Under the MOU, the companies will share information about natural resource development and related technologies. In addition, the companies will jointly form a committee dedicated to exploring business opportunities and bolstering technological capabilities.  

 

 “The two companies have maintained a close partnership since POSCO Daewoo began commercial gas production in Myanmar in 2013,” said Kim.

 

 “The partnership between POSCO DAEWOO with cutting-edge technologies in upstream, midstream and downstream sectors and KOGAS will be mutually beneficial.

 

 “The deal will give the two companies opportunities to expand their presence in the energy business and it will also boost Korea’s development of natural resources.”

 

 POSCO DAEWOO is Korea’s leading private company in the field of natural resource development. It holds an exclusive right to operate a huge gas field in Myanmar and has built up knowledge and expertise through various natural resource development, production and operation projects.

 

 In October, POSCO DAEWOO was selected as preferred bidder for gas exploration of Bangladesh’s DS-12 deep sea block. In February 2016, the company discovered a gas field off Myanmar, a sea block named AD-7. The company is working to gauge how much gas there is.