Posco International to invest $220 million in Australian natural gas subsidiary

Industry

Published: 04 Jun. 2024, 17:20

Posco International to invest $220 million in Australian natural gas subsidiary

Production site of Senex Energy, an Australian-based natural gas subsidiary of Posco International [POSCO INTERNATIONAL]

Posco International is investing an additional 326 million Australian dollars ($220 million) in Senex Energy, aiming to triple natural gas production by next year.

Posco International currently owns 50.1 percent of Queensland-based Senex Energy, a natural gas producer. The remainder is owned by Australia's Hancock Energy.

Senex aims to ramp up its capacity to 60 petajoules by 2026. This would be enough to produce some 1.2 million tons of liquefied natural gas.

Posco estimated that Senex will log over 600 billion won in annual sales starting in 2026.

BY SARAH CHEA [chea.sarah@joongang.co.kr]