POSCO said that it has agreed with Vietnam Oil & Gas Group to cooperate on power generation in Vietnam.

Under a deal with Vietnam Oil & Gas, also known as PetroVietnam, POSCO will seek to win deals for power plants in Vietnam.

It may be noted that POSCO is seeking to build a steel mill with a capacity of 1 million tonnes in Vietnam as part of efforts to boost capacity and meet growing demand.

POSCO currently runs a steel mill in Vietnam with a capacity of 1.2 million tonnes.

POSCO estimated that demand for steel in Vietnam is projected to increase about 8.7% per year until 2020.

(Sourced from www.yonhapnews.co.kr)