[Infostock Daily=Reporter Lee Ji-sun] POSCO Group will join hands with Hyundai Heavy Industries to start developing the third phase of Myanmar's gas field, the group's flagship Cash Cow project.
POSCO Group announced on the 27th that its affiliate POSCO International signed an EPCIC (design, purchase, manufacture, installation, and commissioning) contract with Hyundai Heavy Industries to develop the third stage of Myanmar's gas field. Key executives from both sides attended the meeting, including POSCO Chairman Choi Jung-woo, Hyundai Heavy Industries Holdings Chairman Kwon Oh-gap, POSCO International President Joo Si-bo and Korea Shipbuilding & Marine Engineering President Ga Sam-hyun.
Myanmar Gas Field is POSCO International's representative overseas resource development project. It will drill gas in waters near Myanmar and sell it to China and Myanmar through gas pipes. It consists of three stages, and the first stage was developed in 2013. Its goal is to complete the second and third stages in 2022 and 2024, respectively.
The third stage EPCIC, which is in charge of Hyundai Heavy Industries, is a task to install a gas pressure platform to maintain stability in production. According to the cumulative production of gas fields, the project is worth about 500 billion won with facilities that allow additional gas to be taken out from the lower pressure strata.
Reporter Lee Ji-sun stockmk2020@gmail.com
