[Yonhap Photo]
SEOUL -- Posco Daewoo, a leading trading company in South Korea and a subsidiary of South Korean Steel company Posco, disclosed plans Thursday to invest 511.7 billion won ($474.9 million) in the second stage of its gas field project in Myanmar.
The company said in a regulatory filing that it has decided to make a fresh investment in the project that first began in 2000. After a decade of exploration and developing its processes, commercial production officially began in June 2013.
The project once faced difficult investment conditions due to financial problems, but Posco Daewoo's determination has made it a success. Posco Daewoo posted 22.6 trillion won in 2017, up 36 percent from the previous year.
Posco Daewoo controls 51 percent of the total joint investment which also involves India's Oil and Natural Gas Corp., India's state-run company Gail, Myanma Oil and Gas Enterprise, and Korea Gas Corp. "This investment corresponds to the second phase of the investment in the three phases of the Myanmar gas field development project," the company said in a statement.
This story was contributed by Jazin Wee, an editorial assistant.
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Lim Chang-won
cwlim34@ajunews.com
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