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 with 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 Australia’s largest oil and gas producers. It is developing the Barossa gas field with the Korean energy company SK E&S. It’s a $5.6 billion project. Located approximately 263 kilometers northwest of Darwin, first gas production is scheduled for the first half of 2025.

Eximbank Korea will be involved in financing the project.

Bang discussed environmental concerns raised by Indigenous activists. Campaigners say a deep-sea gas pipeline will threaten marine life, such as turtles and dugongs.

Bang visited a construction site for the North East Link, the biggest investment road project in the history of southeastern Victoria.

A consortium including GS Engineering & Construction won a tender for the project last year.

The consortium will build twin three-lane tunnels approximately six kilometers long (3.7 miles) to link the Metropolitan Ring Road and the Eastern Highway.

Bang sat down with Tim Pallas, Treasurer of Victoria, to discuss Korean companies working on infrastructure projects in the state. Victoria is planning 91 trillion won ($75 billion) in infrastructure projects from 2021 to 2051, according to Eximbank Korea.

He also met with Barry Fitzgerald, director of mining company Hancock Prospecting, to discuss stable supplies of base minerals.

Posco and Hancock Prospecting collaborate in the manufacture of low carbon steel materials. Their goal is to lay the foundations for a hydrogen-based steelmaking process.

Bang discussed the joint development of infrastructure and mining development projects with Swati Dave, CEO of Export Finance Australia.

“The chances of Korea-Australia cooperation are growing thanks to increased resource development in Australia, technological development of carbon capture, utilization and storage to combat climate change and to the increased demand for infrastructure projects in the Indo-Pacific regions,” Bang said in a statement.

Bang’s business trip lasted three days from April 6 to April 8.

BY JIN MIN-JI [[email protected]]