Expanding the Renewable Energy Portfolio
POSCO International is expanding its cooperation with Equinor, the Norwegian state-owned energy company, in the energy sector, including offshore wind power and LNG.
On October 29, POSCO International announced that it had signed a business agreement with Equinor at Cheongsongdae in Pohang, North Gyeongsang Province, to expand cooperation in the energy sector. Lee Gyein, President of POSCO International, Bjorn Inge Bratten, CEO of Equinor Korea, and other officials from both companies attended the signing ceremony.
Lee Gyein, President of POSCO International (center), signed a business agreement on the 29th with Bjorn Inge Bratten, CEO of Equinor Korea (right), and is taking a commemorative photo with Min Changgi, Head of Energy Business Division at POSCO International (left), and others. POSCO International
The two companies agreed to strengthen practical cooperation across the entire energy value chain, including joint development of offshore wind power, supply of steel for offshore wind power, and LNG procurement and supply. They also plan to identify new joint projects in the energy sector and will establish a working group for this purpose.
POSCO International currently operates a 14.5MW solar power facility and a 62.7MW onshore wind power facility in Sinan, South Jeolla Province, and is pursuing the development of a 300MW offshore wind power complex in nearby waters. The company is also participating in joint development of offshore wind power in the East Sea region, continuously expanding its renewable energy portfolio.
Equinor operates oil, gas, and renewable energy businesses in over 30 countries worldwide. In Korea, it is promoting the 'Firefly' floating offshore wind power project (750MW) in the waters off Ulsan. Since obtaining a power generation business license in 2021, Equinor has been in ongoing discussions to secure investment feasibility and financing.
With this agreement, POSCO International plans to strengthen its partnership model by combining POSCO Group's capabilities in steel, energy, and infrastructure with Equinor's offshore wind power technology.
Lee Gyein, President of POSCO International, stated, "We will further enhance our competitiveness in the global energy market," and added, "By bringing together the expertise of both companies, we aim to lead the future energy sector, including renewable energy and low-carbon fuels."
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