ASIA

POSCO TO INVEST €753 MILLION TO INCREASE LNG STORAGE CAPACITY

POSCO International has announced that it will increase its LNG storage capacity by spending 1 trillion won (€753 million) to build a new LNG terminal in South Korea.

he LNG terminal will be located near the company’s existing LNG facility in the national industrial complex in Gwangyang.

Once construction is completed, the company will have a combined LNG storage capacity of 1.33 million kl.

Additionally, POSCO aims to build two LNG tanks for the second facility by 2025. This development will make POSCO the largest private LNG terminal operator in the country and the 11th player worldwide.

PETRONAS, ENI AND EUGLENA JOIN FOR BIOREFINERY

Malaysian oil and gas company, Petronas, global energy company, Eni and biotech company, Euglena have announced that they are jointly studying the possibility of developing and operating a biorefinery in the Pengerang Integrated Complex, Malaysia, one of the largest integrated refinery and petrochemical developments in southeast Asia.

The three parties are currently carrying out technical and economic feasibility assessments for the proposed project, with an investment decision expected to be reached by 2023 and the plant targeted to be completed by 2025.

India

INDIA COMMITS €3.34 BILLION TO STATE OIL COMPANIES’ ENERGY TRANSITION

India has announced it will provide 300 billion Indian rupees (€3.34 billion) to help state-run oil refiners move towards cleaner energy, a step aimed at helping the country achieve its 2070 net-zero carbon emission target.

In the budget, India has also allocated 50 billion rupees (€557 million) for crude purchases for its strategic oil stockpile.

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