POSCO International-investment

POSCO International acquires Australian gas firm

SEOUL, Dec. 10 (Yonhap) -- POSCO International Corp., the trading arm of steel giant POSCO, said Friday it has acquired an Australian gas producer for 372 billion won (US$315 million).

POSCO International took over a 50.1 percent stake in Senex Energy Ltd., with Australia's local company Hancock Energy acquiring the remaining stake, the company said in a regulatory filing.

"The investment is to secure natural gas reserves in eastern Australia for gas production," POSCO International said in the filing.

The company plans to produce 5 million tons of hydrogen by 2050 in order to achieve 30 trillion won of sales in the hydrogen business and a share of 30 percent of the domestic hydrogen market.

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