US NATURAL GAS BOOMAt the same time, the global demand for gas is insatiable partly due to the world’s efforts to phase out dirtier fuels like coal.“The US is only a handful of countries capable of exporting natural gas,” said an industry official.“Any company can expect huge profit if it transfers natural gas produced from its directly invested gas well (in the US) to the Southern US with many ports via pipelines and then exports it in ships.”POSCO International also has enough ammunition to tap mergers and acquisitions considering that it is expected to reap 1.2 trillion won ($871.1 million) in operating profit this year.
In the past, the Korean energy company attempted to take over a gas terminal business in Texas in the US.“We are in the very early stages of talks,” said an official from POSCO International.“Even if we proceed with an M&A, it would take some time before we acquire (a company).”The US natural gas industry has grabbed the attention of the Korean company as the world’s largest economy’s natural gas industry is in its heyday thanks to the country’s shale gas and oil boom, which has transformed the US into the world’s largest gas producer and exporter.
POSCO International Corp., the general trading and energy exploration unit of South Korea’s steel giant POSCO Holdings Inc., is considering acquiring a local company in the booming US natural gas industry, according to sources on Monday.
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