POSCO International
https://www.daewoo.comAbout
Established in 1967 by Kim Woo-Choong, POSCO International’s predecessor, Daewoo International, used to be Korea’s largest trading company. It has been active in the palm oil sector since 2011 and operates a large oil palm plantation in Papua New Guinea under its subsidiary PT Bio Int Agrindo (BIA) (in which it has an 85% stake). BIA has been the subject of several investigations from various NGOs (Mighty Earth, WWF, Greenpeace) over discrepancies in its reporting of land usage. Since then the company has joined the RSPO as a member in 2018 and developed an NDPE policy (in 2020).
RSPO Member : No
Market cap
2,226
Million US$Landbank
~35,000
hectares (in Papua New Guinea)Supply chain position
Upstream–midstream
Grower of oil palm | Processor and trader of crude palm oil and palm kernel oil | RefinerRefineries / capacity
0
refineries, but company has announced plans to enter the refinery business (aims to serve the refined oil and edible/industrial oil and bio-diesel market)NDPE Policy
Yes
No Deforestation, No peat, No exploitationMarket served
International
Parent Company
POSCO
Subsidiaries
Daewoo International Corporation Limited, PT Bio Inti Agrindo
Products
Crude palm oil and crude palm kernel oil (the company has plans to enter the edible oils and biodiesels market)
Resources
South Korea’s finance of ‘green’ palm oil drives destruction in Indonesia
December 23, 2020South Korean trading giant to compensate for past deforestation in Papua
March 4, 2020The Final Countdown: Now or never to reform the palm oil industry
September 19, 2018Continue reading
