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POSCO Daewoo strives to expand the value chain of liquefied natural gas (LNG), an alternative source of energy for coal.
On May 28, POSCO Daewoo announced the signing of a memorandum of understanding with Petroleum Brunei Co., Ltd., a state-owned resource development company in Brunei, aimed at developing the LNG value chain business.
The LNG value chain is a combination of related activities in the LNG field. It means getting into all areas of business, from gas exploration to liquefaction and sales.
Petroleum Brunei is a public company that undertakes large energy projects. As part of the MoU, the two companies will cooperate in the joint exploration and development of domestic and foreign blocks in Brunei, as well as the development of Deep Sea Block, currently being developed by POSCO Daewoo.
The global demand for LNG in 2040 is expected to increase by 40% to 430 million tonnes from 2017. Indeed, low carbon LNG attracts attention instead of coal, which causes environmental problems such as air pollution. In particular, demand for LNG is expected to increase significantly in the Asia-Pacific region, particularly in China and India. As a result, POSCO is expanding its activities by choosing LNG as one of the areas of intensive culture at the group level.
Kim Young-sang said: "The strategic cooperation between POSCO Daewoo, which holds the highest technological power in Korea and the natural gas fields, and Petroleum Brunei, which has various experiences in the field of energy, will be an opportunity to develop the business of both companies. " He said.
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