POSCO’s headquarters in Pohang, some 370 kilometers south of Seoul. (Yonhap)
SEOUL, Dec. 10 (Korea Bizwire) — POSCO International Corp., the trading arm of steel giant POSCO, said Friday it has acquired an Australian gas producer for 372 billion won (US$315 million).
POSCO International took over a 50.1 percent stake in Senex Energy Ltd., with Australia’s local company Hancock Energy acquiring the remaining stake, the company said in a regulatory filing.
“The investment is to secure natural gas reserves in eastern Australia for gas production,” POSCO International said in the filing.
The company plans to produce 5 million tons of hydrogen by 2050 in order to achieve 30 trillion won of sales in the hydrogen business and a share of 30 percent of the domestic hydrogen market.
(Yonhap)
