BUSINESS

Daewoo International to invest in shale gas

By Korea Herald
  • Published : Apr 1, 2013 - 19:49
  • Updated : Apr 1, 2013 - 19:49

Daewoo International, the nation’s biggest trading company, will make equity investments in shale gas fields overseas from this year, the company said Monday.

“The company has secured 200 billion won ($180 million) in funds to buy a stake in unconventional gas fields in the U.S. and Canada,” the company said. 

The company, an affiliate of POSCO, specializes in exploring and developing resources overseas.

The company, however, dismissed as groundless rumors that the company’s lucrative gas project in Myanmar might be transferred to POSCO.

“The company will be ready from July this year to start commercial production of two gas blocks, in which the company has a 51 percent stake, in Myanmar as planned,’’ the company said.

(jyseo@heraldcorp.com)


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