Tales of hard work, dashed dreams and disillusionment
Government asks young couples why they refuse to have children
Self-suspension, a peculiar 'punishment' for celebrities in Korea
[Weekender] [K-School] From lobster to rose tteokbokki, Korean school food continues to evolve
Korea’s go-to winter treats to help beat the cold
1 out of 7 teenagers thought of suicide: data
15% of Korean workers beaten or cursed at in workplace: survey
Yoon travels to Netherlands for chip allaince, strategic partnership
BTS' RM, Jimin, V, Jungkook to enlist in military this week
1,000 retired couples receive W3m in combined pension
Posco International to triple natural gas production in AustraliaBy Hong Yoo
Published : Sept. 25, 2022 - 14:03
Posco International, a trading firm under Posco Group, said Sunday that it was investing around 140 billion won ($98.38 million) to triple the natural gas production of its subsidiary Senex Energy Limited in Australia by 2025.
According to the company, the investment is aimed at contributing to stabilizing energy costs in South Korea.
The price of natural gas is expected to remain high for a while from the impact of the global natural gas shortage due to Russia switching off its gas pipelines flowing into Europe.
Senex Energy Limited is an Australian natural gas producer established in 1984.
Posco International acquired the firm in April this year, now owning 50.1 percent of its shares.
With the new investment, its annual production capacity is expected to triple from the current 20 petajoules to 60 petajoules by 2025, which is equivalent to about 12 million tons of liquid natural gas.
Posco International is creating a master plan to bring a certain amount of that LNG to South Korea beginning with up to 400,000 tons per year in 2025.
“The new investment will help us elevate business profitability and contribute to energy supply at home at the same time," a Posco International official said. "We expect to further bolster our competitiveness in the global markets."
Yoon departs for Amsterdam for regional security, chip cooperation
S. Korea to launch pan-govt commission on enhanced supply chain management
8 NATO envoys to visit Seoul to discuss Indo-Pacific security