POSCO International to expand carbon capture biz in green energy push

POSCO International Corp. said Tuesday it will nurture carbon capture and storage (CCS) as one of its future growth drivers as the trading company accelerates its expansion into green energy.

POSCO International said it established in February a new team within its energy division to spearhead the CCS business.

The team is tasked with carrying out a variety of empirical research using CCS technologies, including seismic exploration, drilling and infusion of carbon.

POSCO International said it has an advantage in this field with its know-how and capabilities as a commodities trading firm long engaged in gas mining, which requires a similar process to CCS.

POSCO International operates gas fields in Myanmar and Australia. It has been carrying out another gas exploration project in Malaysia since 2021 and recently won a bid to explore gas mines in Indonesia.

POSCO International said it is considering CCS investment in the United States as it seeks to seize on opportunities from a new U.S. law that gives incentives to companies that engage in green energy projects in the country.

Source: Yonhap News Agency