HOUSTON, April 13, 2010 -- ConocoPhillips [NYSE:COP] today announced the completion of an agreement with POSCO, a Korean steel manufacturing company, to use ConocoPhillips’ E-Gas™ Technology in POSCO’s Gwangyang coal-to-substitute natural gas (SNG) project.
The project, located near POSCO’s Gwangyang steel mill near Gwangyang, Korea, will allow POSCO to produce 500,000 metric tons of pipeline quality SNG annually from the gasification of approximately 1.8 million tons of coal. Preliminary design work began in 2008 and site preparation is now underway.
"We look forward to this opportunity to work with POSCO on the first SNG project in Korea," said Mike Swenson, Manager, Power Generation & Technology. "Our E-Gas™ Technology will help them provide clean SNG to fuel industry in their country."
Under the agreement, ConocoPhillips will provide process engineering design and technical support relating to the gasification technology process block of the SNG facility. This process design package will be developed in the company’s Houston offices.
POSCO is one of the world's largest steel makers. Headquartered in Pohang, South Korea, the company has approximately 30,000 employees.
ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 30,000 employees, $153 billion of assets, and $149 billion of revenues as of December 31, 2009. For more information, go to www.conocophillips.com.
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Romelia Hinojosa (media relations), 281-293-4034
Clayton Reasor (investors), 281-293-4464
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