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According to a statement by Hanwha Aerospace, the company signed a memorandum of understanding with Hanwha Energy and Kospo to strengthen cooperation in the global LNG sector and advance the development of an integrated LNG value chain.
Hanwha Aerospace said the agreement marks the start of a new public–private collaboration to secure competitive LNG procurement and diversify supply sources.
The deal is designed to strengthen Korea’s access to US LNG in a more “favorable trading environment” and to address the need for stable energy supply chains amid heightened geopolitical risks and global market uncertainty, the firm noted.
Under the agreement, the three companies will collaborate on joint procurement of US LNG, enhance domestic supply stability through LNG swaps, and expand information sharing in the global LNG market.
Hanwha Aerospace and Hanwha Energy will leverage Hanwha Ocean’s LNG carrier fleet to create an integrated LNG value chain from sourcing to transportation and delivery, with the aim of strengthening order potential and generating synergies across Hanwha Group, the statement said.
According to Kospo’s website, the firm has seven LNG power plants: Shinincheon, Busan, Namjeju, Yeongwol, Andong, ShingSejong, and Hanlim.
Rio Grande LNG
Last year, Hanwha Aerospace invested approximately 180.3 billion won ($130.3 million) to acquire a 6.83 percent stake in US LNG developer NextDecade Corporation, further expanding its presence in the North American LNG sector.
According to Hanwha Ocean’s quarterly presentation in July, Hanwha Group has a 22.7 percent stake (HIP 9.1 percent, Aerospace 6.8 percent, Ocean 6.8 percent) in NextDecade and is the largest shareholder.
NextDecade is currently building three trains and is progressing with plans to build two more trains. Earlier this year, it also announced plans to build up to five more trains.
In addition, Hanwha Ocean recently signed a contract with its US affiliate Hanwha Philly Shipyard to build one LNG carrier.
The vessel is scheduled for delivery by January 2028, while the contract also includes an optional LNG carrier.
Hanwha Ocean said that its unit Hanwha Shipping placed the order, while Hanwha Philly Shipyard will act as a subcontractor.
According to the shipbuilder, this project marks the first export-type LNG carrier order from a US shipyard since the late 1970s.