POSCO Plans to Sell LNG Terminal at Gwangyang Port

South Korean steelmaker POSCO is mulling selling its LNG terminal in Gwangyang port, Yonhap news agency reported Monday citing industry sources.

The move, if confirmed, marks a departure from the company's previous position on only selling stakes in the company while holding onto its management by retaining a more than 50 percent stake in the terminal, the news agency said.

POSCO, which outlined the sale plan in July, has not been able to attract buyers at home. However, some foreign entities have shown interest in taking over the management of the terminal. According to Yonhap, this has caused POSCO to make inquiries to the Ministry of Trade, Industry and Energy.

"Selling key energy infrastructure to a foreign company can draw criticism and fuel controversy, especially because it is a cash cow," an industry insider told the news agency.