Hanwha Aerospace has announced the signing of a memorandum of understanding (MoU) with Hanwha Energy and Korea Southern Power to bolster cooperation in the global liquefied natural gas (LNG) sector and promote the development of an integrated LNG value chain. The signing ceremony was held at The Plaza Hotel in Seoul, marking the beginning of a strategic public–private partnership aimed at securing competitive LNG procurement and diversifying supply sources.
This alliance seeks to enhance Korea’s access to U.S. LNG in a more favorable trading environment, while also addressing the need for stable energy supply chains amid rising geopolitical risks and global market uncertainties. The three companies will work together on joint procurement initiatives, improve domestic supply stability through LNG swaps, and expand information sharing within the international LNG market.
Hanwha Aerospace and Hanwha Energy will utilize Hanwha Ocean’s fleet of LNG carriers to establish a comprehensive LNG value chain—from sourcing to transportation and delivery—aimed at increasing order potential and creating synergies across the Hanwha Group.
In 2022, Hanwha Aerospace invested approximately KRW 180.3 billion to acquire a 6.83 percent stake in U.S. LNG developer NextDecade Corporation, further solidifying its presence in the North American LNG industry.
Son Jae-il, 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.”
Lee Jae-Kyu, CEO of Hanwha Energy, said, “Through this agreement, we will 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.”
Kim Jun-Dong, 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.”
