TotalEnergies Secures Long-Term LNG Supply Deal with South Korean Player
TotalEnergies, the French energy giant, has finalized a multi-year Heads of Agreement (HoA) with HD Hyundai Chemical, the chemical division of South Korea’s HD Hyundai conglomerate. This deal will ensure the supply of liquefied natural gas (LNG) to one of the South Korean firm’s industrial sites, beginning in 2027.
Under the agreement, TotalEnergies will supply 200,000 tons of LNG annually for a period of seven years to South Korea, which is recognized as the world’s third-largest LNG importer. This agreement follows TotalEnergies’ recent deal with the world’s largest LNG importing country, disclosed just last week.
“We are pleased with this agreement with HD Hyundai Chemical, which will provide natural gas to one of their industrial sites. This deal allows us to further secure long-term sales in Asia while reducing our exposure to volatile spot market gas prices,” said Gregory Joffroy, Senior Vice President of LNG at TotalEnergies.
This agreement aligns with TotalEnergies’ multi-energy strategy, which aims to expand its LNG sales over the long term, with a target to increase the share of natural gas in its sales mix to nearly 50% by 2030. In addition, the company is committed to cutting carbon emissions and eliminating methane emissions throughout the gas value chain, all while partnering with local stakeholders to transition from coal to natural gas.
As of 2023, TotalEnergies boasts a global portfolio of 44 million tonnes per annum (mtpa), making it the world’s third-largest LNG player. The company holds interests in liquefaction plants across various regions and has regasification capacity exceeding 20 mtpa in Europe, alongside its extensive activities in production, transportation, trading, and LNG bunkering.
In addition to this deal, TotalEnergies recently commenced production at its Fenix field in southern Argentina. The low-emissions resources from Fenix are expected to support the ongoing gas production plateau at another TotalEnergies project in the Tierra del Fuego region of South America.
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