POSCO to invest KRW 1 trillion for SNG facilities by 2013

Wednesday, 04 Nov 2009

POSCO held a board of directors meeting and decided to invest about KRW 1 trillion to construct SNG facilities by 2013.

POSCO E&C will be responsible for the overall construction of the plant, including the design, purchasing, and the construction, while POSCO will be in charge of the operations. The synthetic natural gas produced will be used internally in the steelworks and also be sold for electricity generation.

POSCO E&C is planning to expand its business domains overseas through this plant construction project. There is only one synthetic natural gas commercial plant in operation in the US and for this reason it is considered to have high future growth potential.

The board of directors meeting was held in Ho Chi Minh City, prior to the 'Vietnam Korea Week' held from October 18th 2009 to October 25th 2009 in Hanoi.