Export-Import Bank of Korea (Eximbank Korea) CEO Bang Moon-kyu paid a three-day visit to Australia to discuss cooperation with energy and infrastructure companies.
Bang met Anthea McKinnell, Chief Financial Officer of energy company Santos, on Friday to discuss the development of the Barossa gas field project.
Santos is one of the largest oil and gas producers in Australia. It is developing the Barossa gas field with Korean energy company SK E&S. It is a $5.6 billion project. Located around 263 kilometers northwest of Darwin, the first gas production is targeted for the first half of 2025.
Eximbank Korea will be involved in the financing of the project.
Bang discussed environmental concerns raised by indigenous activists. The activists say a deep-sea gas pipeline will threaten sea life, like turtles and dugongs.
Bang visited a construction site of the North East Link, the largest investment in a road project in the history of the southeastern state of Victoria.
A consortium including GS Engineering & Construction won a bid for the project last year.
The consortium will build three-lane twin tunnels approximately six kilometers in length (3.7 miles) to connect the Metropolitan Ring Road and the Eastern Freeway.
Bang met Tim Pallas, Treasurer of Victoria, to discuss Korean companies working on infrastructure projects in the state. Victoria is planning 91 trillion won ($75 billion) worth of infrastructure projects from 2021 through 2051, according to Eximbank Korea.
He also met Barry Fitzgerald, a director of mining company Hancock Prospecting, to discuss stable supplies of core minerals.
Posco and Hancock Prospecting are collaborating in low-carbon steel material manufacturing. Their goal is to build a foundation for a hydrogen-based steelmaking process.
Bang discussed joint development of infrastructure and mineral development projects with Swati Dave, CEO of Export Finance Australia.
“Chances for Korea-Australia cooperation are expanding from Australia’s increase in resource development, technological development on carbon capture, utilization and storage to combat climate change and rise in demand for infrastructure projects in Indo-Pacific regions,” said Bang in a statement.
Bang’s business trip lasted three days from April 6 through April 8.
BY JIN MIN-JI [firstname.lastname@example.org]