Expands cooperation across energy value chain—including offshore wind co-development, steel supply, and LNG
Solidified relationship since 2023 MOU… Strengthens specific business opportunities and execution
Accelerates the expansion of renewable energy portfolio and response to low-carbon transition by integrating group capabilities
POSCO INTERNATIONAL (CEO Lee, Kye-In) is expanding cooperation with global energy leader Equinor of Norway in key energy sectors such as offshore wind, steel supply, and LNG.
On the 29th, at Cheongsongdae, Pohang, POSCO INTERNATIONAL announced that it signed an MOU with Equinor to expand energy cooperation. The signing ceremony was attended by POSCO INTERNATIONAL CEO Lee, Kye-In and Equinor Korea CEO Bjørn Inge Braathen, among key officials from both companies.
Building on their 2023 MOU, POSCO INTERNATIONAL and Equinor plan to further strengthen their partnership by continuously turning individual project opportunities into concrete initiatives and enhancing their implementation.
POSCO INTERNATIONAL CEO Lee, Kye-In said, “Through strategic partnership with Equinor, we will further strengthen competitiveness in the global energy market,” adding, “By pooling our expertise, we will take the lead in future energy sectors, including renewables and low-carbon fuels.”
Equinor Korea CEO Bjørn Inge Braathen stated, “With close cooperation with POSCO INTERNATIONAL, we plan to explore a wide range of new energy solutions both in Korea and globally.”
Meanwhile, POSCO INTERNATIONAL is currently operating a 14.5MW solar power facility and a 62.7MW onshore wind farm in Sinan, Jeollanam-do, and is developing a 300MW offshore wind farm in the nearby waters. It is also involved in offshore wind energy co-development projects in the East Sea region, further expanding its renewable energy portfolio.
Equinor is a Norwegian state-owned integrated energy company engaged in oil, gas, and renewables in over 30 countries worldwide. It is currently developing the ‘Firefly’ floating offshore wind project (750MW) off the coast of Ulsan. It obtained a power generation permit in the second half of 2021 and has been engaged in constructive discussions with the government and obligated suppliers following the fixed-price bidding; discussions to assess investment viability and secure financing are still ongoing.
With this MOU, POSCO INTERNATIONAL plans to combine POSCO Group’s capabilities in steel, energy, and infrastructure with Equinor’s global expertise in offshore wind energy, ultimately strengthening a global partnership model that leads the shift toward sustainable low-carbon ecosystems and the era of energy mix transition.
▲ POSCO INTERNATIONAL signed a business agreement with Equinor of Norway. (From left) Min Chang-Kie, Head of POSCO INTERNATIONAL Energy Business Division; Lee Kye-In, POSCO INTERNATIONAL CEO; Bjørn Inge Braathen, Equinor Korea CEO.