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POSCO wants to import Russian coal through North Korea to South
South Korea's leading steel company POSCO and shipping company Hyundai Merchznt Marine are exploring the possibility of importing Russian coal through North Korea using the new Rajin-Hassan logistic scheme, scheduled for development next month, according to IA RUSCOR, citing industry sources.
Hyundai Merchant Marine plans to charter a dry cargo ship to transport coal from North Korean Rajin to Pohan, Gyeongsang North Province, under orders placed by POSCO. The steel company noted that with orders it will be able to check whether coal is delivered to the country through North Korea without complications. The company annually imports from Russia about 2 million tons of coal.
In November, the Ministry of Reunification gives the go-ahead to POSCO to import 35 000 tons of Russian coal through Rajin. If everything goes well, this will be the first example of South Korean firms importing raw materials from Russia through a North Korean port.
The pilot project will be part of President Park Geun-hye's "Eurasian Initiative" to expand ties between Eurasian countries by connecting roads to create the Silk Express.