Venture Global Inc. and Hanwha Aerospace Co. Ltd. have agreed to a long-term sales and purchase agreement for US liquefied natural gas (LNG).
Venture Global will supply Hanwha Aerospace with 1.5 million tonnes per annum of LNG for 20 years starting in 2030. The agreement brings Venture Global’s long-term contracted portfolio to over 46 MTPA.
Financial terms of the purchase agreement were not released.
Mike Sabel, CEO of Venture Global, said: “Venture Global is thrilled to announce our first long-term supply deal in Korea through a new partnership with Hanwha Aerospace which marks another important step in expanding reliable, long-term LNG supply to our partners in Asia.
“We are proud to support growing global energy needs with low-cost, secure American LNG while strengthening the strategic energy partnership between the United States and South Korea to support long-term industrial and economic growth.”
Hanwha Aerospace plans to distribute the LNG to potential customers in key regions, including Europe and Asia, Yonhap News reported.
The annual volume is equal to about 4.4 per cent of South Korea’s total LNG consumption as of 2024.
The deal is part of a broader strategy to build a global LNG value chain by leveraging Hanwha Group’s capabilities across its affiliates. Hanwha Aerospace is a core affiliate of the Hanwha Group.
The group’s LNG portfolio spans floating production, storage and regasification infrastructure alongside advanced propulsion technologies, including ammonia gas turbines, dual-fuel engines and variable compression ratio systems.
Hanwha Ocean, Hanwha Engine, and Hanwha Power Systems presented integrated LNG solutions spanning production, transportation, storage, and supply across the value chain.
