POSCO International has strengthened its strategic partnership with Norway’s Equinor to advance cooperation across the energy value chain, including offshore wind power, LNG and steel supply.
The two companies signed a new business agreement at Cheongsongdae in Pohang, building on their 2023 collaboration to develop joint projects and accelerate execution of low-carbon initiatives.
POSCO International president Lee Gye-in and Equinor Korea chief executive Bjorn Inge Braathen attended the signing ceremony, where both sides agreed to enhance joint development of offshore wind, supply of offshore wind steel, LNG procurement and supply, and explore new energy projects through a dedicated working group.
“Through our strategic partnership with Equinor, we will further strengthen our competitiveness in the global energy market,” said Lee. “We will combine the expertise of both companies to lead the future energy field such as renewable energy and low-carbon fuels.”
Braathen added: “Based on close cooperation with POSCO International, we plan to explore various new energy solutions in the global market as well as in Korea.”
POSCO International currently operates 14.5MW of solar and 62.7MW of onshore wind in Shinan, South Jeolla Province, and is developing a 300MW offshore wind farm nearby, alongside joint offshore wind plans in the East Sea.
Equinor, which operates globally in oil, gas and renewables, is progressing the 750MW Firefly floating offshore wind project off Ulsan.
POSCO International said the expanded partnership will combine the POSCO Group’s steel, energy and infrastructure capabilities with Equinor’s offshore wind expertise to create a sustainable low-carbon ecosystem and strengthen a global partnership model for the energy transition.
Picture: POSCO International has signed a business agreement with Norway’s Equinor. From left, Min Chang-ki, Head of POSCO International’s Energy Business Division, Lee Gye-in, President of POSCO International, and Bjorn Inge, CEO of Equinor Korea