POSCO International Decides to Invest 365.8 Billion KRW in Myanmar Gas Field Development

[Asia Economy Reporter Kang Nahum] POSCO International announced on the 22nd that it will invest 365.8 billion KRW in the third phase development of the Myanmar offshore A-1 and A-3 gas fields.

The joint investors are the Indian state-owned oil company 'ONGC', Myanmar state-owned oil company 'MOGE', Indian state-owned gas company 'GAIL', and Korea Gas Corporation.

The company stated, "This investment corresponds to the third phase of the total three-phase facility investment for the development of the Myanmar gas fields, involving the installation of a low-pressure gas compression platform to maintain the current level of gas production stability," adding, "We plan to start the design and manufacturing of the relevant equipment in the first quarter of next year and begin operations in 2024."