Posco International acquires Australian energy firm Senex

South Korean trading firm Posco International said Thursday that it has completed an acquisition of Australian energy company Senex Energy, as part of its effort to put more focus in eco-friendly energy businesses.

The Korean firm clinched a deal in December last year with Senex Energy to own 50.1 percent of shares of the Australian company at 405 billion won ($334 million). It took three months to receive authorities’ approval.

The latest acquisition marks the company’s first global deal after its parent company launched holding company Posco Holdings in March, to focus on charting out future business, research and investment.

The company said its buying out of Senex Energy will enhance corporate value and contribute to the country’s energy security, amid continued global supply chain issues and oil price hikes.

Senex Energy is Australia’s fifth-largest petroleum gas company which operates three gas fields in Queensland. It sells petroleum gas to LNG liquefaction plants and gas power plants. In 2021, the firm recorded annual sales of 1.16 million Australian dollars ($868,300), with an operating profit of AU$250,000.

“Acquiring Senex Energy will, in the short term, allow us to secure additional reserves of natural gas, and in the long term, give us a foothold to step further to achieve the company goal of energy transition and carbon neutrality,” said Posco International CEO Joo Si-bi.