YANGON — Jeon Byeong-eal, CEO of Daewoo International, has stood down from his position following a fallout related to its Myanmar natural gas project, according to Korean media reports.
According to various Korean media reports, Mr Jeon has been under pressure from Daewoo International’s majority owner POSCO since he openly disapproved of the steelmaking company’s previous plans to sell off a stake in the Shwe Gas pipeline as part of plans to restructure the company.
According to a report in the Korea Times, Mr Jeon posted numerous messages criticising the company’s decision to sell its stake. The same report said that Daewoo posted 94.1 billion won (US$85.1 million) in operating profit from the Myanmar project in the first quarter of this year.
The pipeline, which has been operational since June 2013, is pumping oil and gas from the Rakhine coast into southern China.