POSCO International ready to restore operations in Ukraine
Lee Kye-in, chief officer of POSCO International's global business unit, speaks during a press conference at the Plaza Hotel in Seoul, Wednesday. Courtesy of POSCO International
POSCO International is ready to resume full-fledged operations of a grain terminal in Ukraine as soon as the war is over, the company said Wednesday.
“As the only Korean company that owns an investment asset in Ukraine, we will take part in the post-war reconstruction,” Lee Kye-in, chief officer of POSCO International’s global business unit, told reporters, while unveiling the firm's strategies for its food, liquefied natural gas (LNG) and green energy businesses.
Ukraine is one of the major footholds for POSCO International to achieve its goal of trading 21 million tons of grain and oil by 2030. A POSCO International representative was therefore on the list of a Korean business delegation that visited Ukraine last month, along with Minister of Land, Infrastructure and Transport Won Hee-ryong.
However, the company’s grain terminal there has been run by local employees since the war broke out, although the facility was able to avoid physical damage from Russia’s bombing.
Gong Byeong-seon, a POSCO International executive in charge of the food business, said the company joined hands with several agricultural companies in Ukraine as preparatory steps to resume operations there.
“Because we own a grain terminal in Ukraine, we can make solid profits once we secure raw grain,” he said. “For our company to start the business as soon as the war is over, we are building networks there.”
Regarding its food and energy businesses in Myanmar, POSCO International dispelled worries over political turmoil caused by the military coup two years ago.
“The country’s political situation made it difficult for us to run our rice processing complex there for about a year, but operations resumed last year,” Gong said. “We also export rice from Myanmar to other countries.”
Jho Jhoon-soo, a POSCO International executive who is leading the exploration and production of natural resources, said negotiations are under way for the company to continue operating a gas field in Myanmar.
During the press conference, POSCO International announced it will invest 5.3 trillion won ($4 billion) over the next three years, including a 3.8 trillion won investment in the energy business. The company also came up with a new vision to become a pioneer in the green energy and global businesses.