Posco subsidiary inks gas deals with seven Australian firms
Published: 10 Aug. 2023, 14:14
Updated: 10 Aug. 2023, 16:44
![Production site of Senex Energy, an Australian-based natural gas subsidiary of Posco International [POSCO INTERNATIONAL]](https://koreajoongangdaily.joins.com/data/photo/2023/08/10/dc805b49-80bc-4526-884b-87967feeba8e.jpg)
Production site of Senex Energy, an Australian-based natural gas subsidiary of Posco International [POSCO INTERNATIONAL]
Senex Energy, Posco International's Australia-based subsidiary, signed several long-term gas supply deals with Australian companies.
With the deals, Senex Energy will supply natural gas amounting to 133 petajoules to companies including AGL, Australia’s largest power supplier, as well as steelmakers BlueScope and Liberty Steel, for 10 years starting in 2025.
One-hundred-thirty-three petajoules of natural gas can produce some 2.5 million tons of liquefied natural gas, which is equivalent to 25 percent of total gas consumption in eastern Australia, according to Posco International.
Posco International, a Seoul-based trading and energy company, acquired 50.1 percent of Senex Energy in 2022 while Australia-based Hancock Energy acquired the remaining 49.9 percent stake.
Posco International and Hancock jointly invested 300 million Australian dollars ($196.3 million) in Senex to expand its gas processing capacity.
BY SHIN HA-NEE [shin.hanee@joongang.co.kr]
with the Korea JoongAng Daily
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