Dalian: Jeon Byeong-eal, ceo of Korean steelmaker POSCO’s trading subsidiary Daewoo International, has resigned from his position following a conflict with POSCO management over a plan to sell its stake in a natural gas project in Myanmar.
It was reported that POSCO planned to offload its stake in the gas assets offshore Myanmar for $1.3bn. Subsequently, Jeon posted a message on the company bulletin board, criticizing POSCO management for pushing ahead with the sale as he reckoned the move would be a huge loss for POSCO.
“Even though the company decided to no longer consider selling the Myanmar gas field, those outside of the company still stir up no small controversies citing disobedience, internal conflict, and dismissal. Having thought about what would be the future-oriented measure for the group, the company and all those concerned, I concluded that resigning is the quickest way to end the situation,” Jeon said.
Daewoo International started production from the Shwe Natural Gas project in 2013. The project consists of the Shwe, Shwe Phyu and Mya offshore gas fields offshore Myanmar.
Daewoo International has appointed vice president Choi Jung-woo to take over Jeon as the new CEO.