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Posco Int’l shares, bottom-line expect benefit from new gas field discovery

Shares and the bottom line of Posco International Corp., general trading and business development unit of South Korean steel giant Posco, are expected to get a big boost from a new gas field recently discovered off the western coast of Myanmar projected to turn out 500 billion won ($411.4 million) worth gas. A drilling test […]

POSCO sets up solar power system on Myanmar’s Manaung Island

POSCO International announced it has completed a photovoltaic power generation system on Manaung Island near the Myanmar Gas Field. Manaung Island is home to more than 60,000 residents, but its power infrastructure is poor with only three small generators, according to the company. This time, POSCO International set up a solar power system that combines […]

POSCO Daewoo launches agribusiness in Myanmar

POSCO Daewoo is launching an agribusiness venture in Myanmar as the company’s future growth engine. According to a POSCO Daewoo official, Sunday, Korea’s largest trading affiliate under POSCO group has secured construction and investment approval from the Myanmar government to build a rice processing complex (RPC) in Twante, the most accessible delta town from Yangon […]

Daewoo Names New Chief After Ex-CEO Quits Over Myanmar Gas Sale Spat

South Korea’s Daewoo International Corp., the operator of Blocks A1 and A3 offshore Myanmar, appointed a new CEO after the firm’s former top-ranking executive resigned over a disagreement regarding a plan by parent company POSCO to sell its stake in the Southeast Asian gas project, an official told Rigzone Thursday. Daewoo International named Vice President […]

Daewoo International CEO dismissed over Myanmar sale

POSCO has decided to dismiss Daewoo International CEO Jeon Byeong-eal for openly disapproving of its plan to dispose of Daewoo’s stake in a Myanmar natural gas project, officials familiar with the matter said Wednesday. The world’s fourth-largest steelmaker is expected to accept the resignation tendered by Jeon on May 14. Jeon and 31 other heads […]

Leading S Korean steelmaker to invest in Myanmar construction industry

South Korean multinational steelmaker POSCO (formerly Pohang Iron and Steel Company) will invest in Myanmar’s construction industry, according to a company official. To carry out the construction projects, Myanmar POSCO E&C (Engineering & Construction) Co Ltd was formed and the Directorate of Investment and Company Administration allowed temporary registration to POSCO Company on Monday. POSCO […]