POSCO Inter subsidiary Senex Energy continues winning gas supply contracts

Senex Energy, an Australian natural gas company and subsidiary of POSCO International, has consecutively signed seven long-term gas supply contracts.

On the 10th, POSCO International announced that its subsidiary Senex Energy recently signed natural gas supply contracts totaling approximately 133 petajoules (Peta-Joule, an international energy measurement unit) with Australia's largest power producer AGL, as well as BlueScope, Liberty Steel, Aurora, and others.

The 133 petajoules of natural gas is equivalent to about 2.5 million tons of liquefied natural gas (LNG), which accounts for about 25% of the annual gas demand in eastern Australia. The supply contract period is from 2025 for up to 10 years.

Through this contract, Senex Energy has secured a revenue structure that allows for long-term sales over 10 years. At the same time, it is evaluated to have established a solid foundation to expand eco-friendly energy transition projects such as green hydrogen.

Senex Energy employees inspecting equipment
[Photo by POSCO International]

Recently, Australian companies have been actively securing natural gas to reduce carbon emissions. In response to the increasing demand for natural gas, POSCO International, together with its partner Hancock, has invested 300 million Australian dollars (approximately 260 billion KRW) in Senex Energy to expand large-scale gas processing facilities.

Once the expansion of gas processing facilities at the Atlas and Romanos gas fields in Australia, which began in September last year, is completed, Senex Energy's production capacity will increase to 60 petajoules by the end of 2025, three times the current level. From an energy security perspective, POSCO International also plans to gradually import up to about 400,000 tons of domestically converted LNG from the produced natural gas.

A POSCO International official stated, "We plan to diversify our energy resource development portfolio through balanced development of offshore and onshore gas fields."

This content was produced with the assistance of AI translation services.