South Korea's Hanwha Aerospace, a subsidiary of Hanwha Group, has signed a sales and purchase agreement (SPA) to purchase 1.5mn t/yr of LNG from US supplier Venture Global, the latter firm announced today.
Deliveries will start in 2030 for a duration of 20 years, the firm added. This latest SPA will bring Venture Global's contracted term portfolio to over 46mn t/yr.
The pricing details of this agreement were not disclosed.
This latest agreement that Hanwha signed comes on the back of its initial agreement last August with state-owned utility Korea Southern Power (Kospo) and fellow subsidiary Hanwha Energy to increase their LNG purchases from the US.
The three companies will jointly procure US LNG under the agreement and collaborate on LNG cargo swaps to enhance supply stability, Hanwha Energy said. The agreement is designed to give Kospo access to more favourable trading terms to buy US LNG, while Hanwha Aerospace and Hanwha Energy will leverage their sister company Hanwha Ocean's LNG carrier business to create an integrated LNG value chain in South Korea.
Most recently, fellow US LNG producer Cheniere also signed a long-term SPA to supply Taiwan's state-owned CPC with up to 1.2mn t/yr on a delivered basis over 2026-50.
