POSCO Defends Gas Business in Myanmar
Reuters reported that South Korean steelmaker POSCO said that it does not believe its unit POSCO International’s gas projects in Myanmar have a direct link to the military which seized power there in February. POSCO said “The unit’s gas business had existed for about 20 years, persisting through regime change, and related payments were paid to the Myanmar finance ministry.”
Myanmar’s finance ministry has been under the control the military since the generals seized power and began a bloody crackdown on supporters of democratically elected leader Ms Aung San Suu Kyi.
Another POSCO unit in Myanmar which mainly makes sheet metal for residential and factory roofing, POSCO C&C, said earlier this month it would end a joint venture with Myanmar Economic Holdings Public Co Ltd, a firm controlled by the military.