South Korean steelmaker POSCO defends Myanmar gas business (updated)

Posco International

26/04/2021 04:31

(Adds POSCO comments on separate Myanmar business)
    By Joyce Lee
    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 link to the military which seized power there in
February. 
    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, POSCO said in an earnings call
in reply to an analyst's query about whether its business
interests in Myanmar could concern foreign investors. 
    About 20% of the Myanmar gas business was used for local
consumption including electricity production, contributing to
the lives of ordinary people, it added. 
    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 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 (MEHL), a firm controlled by the
military.  urn:newsml:reuters.com:*:nL1N2M903E
    

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