POSCO says does not believe unit's Myanmar gas business has direct link with military

Posco International

26/04/2021 03:16

SEOUL, April 26 (Reuters) - South Korean steelmaker POSCO
 005490.KS  said on Monday it does not believe its unit POSCO
International's  047050.KS  gas projects in Myanmar have a
direct connection with the country's military. 
    POSCO said in an earnings call that the unit's gas business
had existed for about 20 years, persisting through a regime
change in the middle, and POSCO believed the business is not
directly linked to the military as related payments are being
paid to an account under the local finance ministry. 
    A separate POSCO unit, POSCO Coated & Color Steel Co Ltd
(POSCO C&C)  058430.KS  said earlier this month it will end its
joint venture relationship with Myanmar Economic Holdings Public
Co Ltd (MEHL), a firm controlled by the military which took
control of the country in February.  urn:newsml:reuters.com:*:nL1N2M903E
    

 (Reporting by Joyce Lee; Editing by Kim Coghill)
 ((jungyoon.lee@tr.com; +82 2 6936 1467;))