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Posco Daewoo, PetroleumBRUNEI to explore LNG bunkering

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South Korea’s Posco Daewoo and Brunei National Petroleum Company (PetroleumBRUNEI) have signed a memorandum of understanding to develop the LNG value chain business including LNG bunkering.

The LNG value chain business will include the entire process from gas exploration and production to liquefaction, transportation and sales.

Through this MOU, both companies will cooperate to explore and develop Brunei’s domestic and overseas blocks in the upstream sector, and look into joint investment in infrastructure for LNG liquefaction/import terminals.

In addition, LNG bunkering will be incorporated as part of the business venture.

Last year, Posco Daewoo launched its LNG trading business and has since been actively expanding its LNG-related business with sales crossing $200m this year to-date.

The strategic cooperation with PetroleumBRUNEI is expected to contribute to Posco Daewoo’s stable procurement of LNG to meet demand.

Read more: Korea unveils ambitious plan on eco-ships and LNG bunkering

“Strategic cooperation of PetroleumBRUNEI with Posco Daewoo, which possesses the highest upstream technology in the natural gas field such as the success of Myanmar gas field development will be an opportunity for business expansion,” said Kim Young-sang, president of Posco Daewoo.

Haydn Ian Furlonge, ceo of PetroleumBRUNEI, said the MOU “will provide us with opportunities to advance into the fast growing LNG business.”

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