I am guessing me ol’ friends POSCO might have bumped into Rosie along the way while she’s been out and about in recent weeks…
South Korea’s POSCO Intl Eyes Investments In CCUS, Hydrogen in 2024
POSCO International (KRX: 047050), the trading and resources arm of South Korea’s POSCO Holdings, is gearing up for substantial investments in the energy sector, eyeing growth opportunities in the carbon capture, utilization, and storage (CCUS) and hydrogen sectors.
On Monday, POSCO International disclosed its intention to diversify into CCUS and hydrogen-related activities, aiming to carve out a niche in sustainable energy solutions.
In a recent financial regulatory filing, the company has added CCUS and production, storage and transportation of hydrogen and hydrogen compounds to its business purposes, as reported by the Korea Economic Daily.
CCUS technologies, which involve capturing and safely storing carbon dioxide (CO2) underground, hold promise in mitigating climate change impacts.
Having already embarked on commercializing carbon capture and storage (CCS), POSCO International, in collaboration with partners like Repsol (BME: REP) and Petroleum Sarawak, has secured projects in regions like Texas (USA) and Malaysia.
In the hydrogen sector, the South Korean company signed a strategic cooperation agreement with the Abu Dhabi National Oil Company (ADNOC) of the United Arab Emirates (UAE) in January, announcing their first joint project already in February.
POSCO International has committed $745 million to further expanding its energy business in 2024, positioning it to become the company’s third growth engine after steel and electric vehicle battery material.
This investment includes tripling the natural gas production capacity of its subsidiary Senex Energy, a venture initiated in 2022 through acquiring a majority stake.
Additionally, in the midstream sector, POSCO International is set to finalize the expansion of an energy tank in South Korea to accommodate 200,000 tons of natural gas by June 2024.
The company also plans to start construction on motor core plants in Poland and Mexico, aiming to bolster its production capacity for electric vehicle components to 7 million units by 2030.
Korea’s POSCO Int’l to work on CCUS, hydrogen businesses
POSCO International plans to invest $745 million this year in the energy sector; to triple the natural gas capacity of Australia’s Senex who they thieved off some of us on this forum in the dead of night
POSCO International Corp., the general trading and resources exploration subsidiary of South Korea’s steel giant POSCO Holdings Inc., aims to work on the carbon capture, utilization and storage (CCUS), as well as hydrogen businesses to seek a future growth driver in the eco-friendly energy sector.
POSCO International said on Monday it added the CCUS and the manufacturing, storage and transportation of hydrogen and hydrogen compounds into its business purposes in a financial regulatory filing. The CCUS refers to technologies that capture the greenhouse gas carbon dioxide and utilize it or store it safely underground so that it does not contribute to climate change.
POSCO International has already been seeking the commercialization of the carbon capture and storage (CCS) business.
The company, along with global partners such as Spanish energy giant Repsol S.A., was named as a preferred bidder for a contract for over 140,000 gross acres of pore space owned by the Permanent School Fund (PSF) for carbon dioxide storage located offshore Corpus Christi, Texas, last year. The South Korean firm also joined forces with Malaysia’s energy firm Petroleum Sarawak Bhd to push ahead with a CCS project in Sarawak, Malaysia in December 2022.
For the hydrogen business, POSCO International teamed up with the Abu Dhabi National Oil Company (ADNOC), the state-owned oil company of the United Arab Emirates, in January.
POSCO International set aside 1 trillion won ($745.4 million) in 2024 to develop its energy business into the group’s No. 3 growth engine after the steel and electric vehicle battery material businesses. POSCO Holdings is the parent of the world’s No. 7 steelmaker POSCO and South Korea’s major battery material supplier POSCO Future M Co.
POSCO International is set to triple the natural gas production capacity at Senex Energy Ltd. for the upstream energy sector. The South Korean company purchased a 50.1% stake in the Australian gas producer in 2022.
In the midstream sector, it will complete the expansion of an energy tank in South Korea to store 200,000 tons of natural gas by June.
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