South Korean steel giant Posco announced Sunday plans to sign a memorandum of agreement in Colombia by this September. The agreement, or possible joint venture, may be in a number of possible fields, including resource development, construction, or steel.
Posco plans to sign the agreement with either Pacific Rubiales, a company engaged in the exploration, development or production of heavy crude oil and natural gas in Colombia and Peru, or Fanalca Group, an automotive parts manufacturer in Colombia. The decision comes after Posco CEO Chung Joon-Yang's recent visit to Colombia and meetings with the two companies.