The signing ceremony, held at The Plaza Hotel in Seoul, marks the startof a new public–private collaboration to secure competitive LNG procurement and diversify supply sources. The agreement is designed to strengthen Korea’s access to U.S. 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.
(From Left) Jae Kyu Lee, Jun-Dong Kim, Jaeil Son / Photo: Hanwha Aerospace
Under the agreement, the three companies will collaborate on joint procurement of U.S. 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 the Hanwha Group.
Last year, the company invested approximately KRW 180.3 billion to acquire a 6.83 percent stake in U.S. LNG developer Next Decade Corporation, further expanding its presence in the North American LNG sector.
Jaeil Son, President and CEO of Hanwha Aerospace, said:
We will extend the technology and global networks we have built in the defense sector into the energy field to contribute to national energy security. Based on our cooperation with Korea Southern Power, we will expand projects that strengthen Korea’s energy stability and support economic growth.
Jae Kyu Lee, CEO of Hanwha Energy, said:
Through this agreement, wewill bring together the capabilities of the private and public sectors to respond to the changing global LNG market. We expect LNG imports and swaps to strengthen both the stability and flexibility of our partnership.
Jun-Dong Kim, CEO of Korea Southern Power, said:
Amid recent geopolitical risks such as conflicts in the Middle East and changes in the external environment, enhancing competitiveness in direct LNG imports through collaboration with the private sector is highly meaningful. I hope this agreement will serve as a cornerstone for practical cooperation, such as joint procurement of U.S. LNG, that will contribute to the national economy.
Press release