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August 08, 2022

Posco International expands eco-friendly energy business in Australia

PUBLISHED : June 19, 2022 - 09:12

UPDATED : June 19, 2022 - 09:12

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Posco International CEO Joo Si-bo (far right) visits Australian energy company Senex Energy’s gas fields on Wednesday. (Posco International)

Posco International, the trading arm of Posco Group, is seeking to triple sales at two of its gas fields in Australia by 2025 by leveraging its recently acquired Australian energy company Senex Energy, the Korean firm said Thursday.

Posco International CEO Joo Si-bo visited the Senex Energy headquarters on Tuesday and Wednesday to look around the natural gas plants and meet with employees there, the company said. Joo also met with Posco International’s partner firm, Hancock Energy, to discuss businesses on expanding gas field operation and energy transition measures.

The company said the latest round of talks involved expanding firms’ mutual interests in developing green and blue hydrogen to broaden the value chain to reach carbon neutrality by 2040. Green hydrogen refers to using energy originating from renewable sources like wind, water or solar, while blue hydrogen is extracted from natural gas and captures carbon emitted during the process.

To achieve such a mission, the firms will work together to launch the green hydrogen business and offer the products to hydrogen charging stations across Australia and also seek overseas market opportunities via export.

As part of its energy business expansion, Posco International said it would partner with CS Energy in solar energy development and green hydrogen production facilities.

“Senex Energy will work as a bridge in Posco Group’s future energy business strategy and we expect the firm to play a great role in terms of our value chain expansion and carbon neutrality goal by 2040,” Joo said. He added that Posco International and Hancock will also push ahead with various cooperative projects in the field of natural gas and energy transition.

In March, the firm bought 50.1 percent of shares in Senex Energy at 405 billion won ($334 million). It took three months to receive authorities’ approval. The agreement marked the company’s first global deal after its parent company launched the holding company Posco Holdings to focus on charting out future businesses, research and investment.

By Kim Da-sol (ddd@heraldcorp.com)

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