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Posco Daewoo and KOGAS ink MOU for resource development

2017.02.20 17:33:23
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South Korean resource developer Posco Daewoo Corp. and state-run Korea Gas Corp. (KOGAS) Monday signed a memorandum of understanding (MOU) to expand partnership in overseas resource exploration and development. .

Under the MOU, the two parties will form a joint committee which will explore new businesses and develop technology.

The two companies joined hands in the Oman liquefied natural gas (LNG) Project in 1997 and A1 and A3 gas field project in Myanmar in 2001.

Kogas will do its best to ensure that the MOU will lead to an opportunity to expand presence in the global resource market, KOGAS head Lee Seung-hoon said.

This agreement would contribute to the two companies in securing new businesses, POSCO Daewoo CEO Kim Young-sang said.

Shares of Posco Daewoo on Monday fell 1.94 percent or 500 won ($0.44) from the previous session to end 25,300 won. KOGAS shares closed at 48,550 won, up 0.31 percent or 150 won from the previous session.

By Kang Young-woon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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