Korea Eximbank Strengthens Cooperation Network in Australian Resources and Infrastructure Sectors

On the 8th (local time), Koo Yun Visit, President of KEXIM, met with Ansea McKinnell, CFO of Santos, at the Santos Sydney office in Australia to discuss the stabilization of the natural gas supply chain and the Barossa gas field development project. (From the third person on the left) Koo Yun Visit, President of KEXIM, Ansea McKinnell, CFO of Santos

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[Asia Economy Reporter Song Hwajeong] The Export-Import Bank of Korea (KEXIM) has launched integrated marketing efforts with key Australian companies in the minerals, energy, and infrastructure sectors to stabilize South Korea's minerals and energy supply chains and expand the foundation for securing infrastructure projects in Australia and the Indo-Pacific region.

According to KEXIM on the 10th, President Bang Moon-kyu met with Santos, Australia's largest energy company, on the 8th (local time) to discuss stabilizing the natural gas supply chain amid recent price and supply-demand volatility, as well as the Barossa gas field development project being pursued jointly with Korean companies.

Santos is jointly developing an offshore gas field worth $5.6 billion with SK E&S. President Bang discussed measures to address environmental issues raised by local indigenous groups and necessary steps to ensure smooth project progress.

Earlier, on the 6th, President Bang visited the construction site of the North East Link (NEL) tunnel in Victoria, the first case of Korean companies entering Australia's infrastructure PPP market and the largest project to date (AUD 12.7 billion), to inspect the project site. Then, over two days on the 7th and 8th, he met with Tim Pallas, Victoria's Treasurer, and Capella, a leading player in Australia's infrastructure sector, to discuss Victoria's future infrastructure project plans and ways to expand Korean companies' participation.

Victoria is undertaking infrastructure projects worth a total of AUD 100 billion (approximately KRW 91 trillion) from 2021 to 2051.

President Bang also met with Hancock, an Australian minerals company jointly pursuing mineral projects with POSCO, focusing on stabilizing critical mineral supplies and jointly promoting steel raw material businesses applying eco-friendly technologies.

Hancock is developing its Australian mines jointly to produce high-quality iron ore stably and is advancing a low-carbon Hot Briquetted Iron (HBI) production project that significantly reduces CO2 emissions by using hydrogen as a reducing agent.

Additionally, President Bang expanded his activities by holding successive meetings with key officials from Australian policy finance institutions and international commercial banks.

On the 8th, he met with Swati Dave, head of Australia's export credit agency, to discuss joint efforts on critical mineral development projects and infrastructure projects in the Indo-Pacific region.

He also met with ANZ Bank and NAB Bank, Australian international commercial financial institutions, to discuss kangaroo bonds and syndicated loans in preparation for increased demand for Australian dollar loans.

President Bang stated, "Australia's abundant mineral and energy resources, resource development projects, carbon capture and storage technology development to address climate change, and increasing infrastructure project demand in the Indo-Pacific region are expanding opportunities for Korea-Australia mutual cooperation. KEXIM plans to support stabilizing Korea's mineral and energy supply chains, discovering new businesses for climate change response, and diversifying overseas order markets through continuous sales activities toward Australia and active financial support."

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