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POSCO wants to import Russian coal through North Korea to South
South Korea's leading steel company POSCO and the shipping company Hyundai Merchznt Marine are exploring the possibility of importing Russian coal through North Korea under the new Rajin-Khasan logistics scheme, scheduled for development next month, RUSKOR news agency reported, citing industrial sources.
Hyundai Merchant Marine plans to charter a dry cargo vessel to transport coal from North Korean Rajin to Pohang, North Gyeongsang province, on orders placed by POSCO. The steel company noted that with the orders, it will be able to check if coal is being delivered to the country via North Korea without complications. The company annually imports about 2 million tons of coal from Russia.
In November, the Ministry of Reunification gives the go-ahead to POSCO to import 35 tons of Russian coal through Rajin. If all 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.