Posco Daewoo Corporation has signed a deal with Brunei National Petroleum Company (Petroleum Brunei) to jointly pursue business opportunities in the LNG sector.
Under the memorandum of understanding Posco Daewoo, a unit of the South Korean steelmaker Posco, the two companies will join forces on expanding the LNG value chain from gas exploration to liquefaction and sales.
Through this MOU, both companies agreed to cooperate in the exploration and development of Brunei domestic and overseas blocks in the upstream area, as well as the development of Dehwa area by Posco Daewoo.
In addition, Posco Daewoo said the companies will look into the potential of investing in infrastructure assets such as LNG liquefaction and import terminals, LNG bunkering and supply.
The South Korean company added that it has started trading LNG during the last year and has expanded its LNG-related business sales to over $200 million in 2018.
The company is aiming to boost its gas-to-power business by expanding the value chain through this MoU.