Page 6 - GLNG Week 22 2022
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GLNG                                                ASIA                                               GLNG


       South Korean firms line up





       LNG supply deals







        SUPPLY           TWO South Korean companies have signed sale  wind project,” stated TotalEnergies’ president
                         and purchase agreements (SPAs) to buy LNG  of gas, renewables and power, Stéphane Michel.
                         from international sellers.            Hanwha’s CEO, Jung In Sub, said it was “sig-
                           On May 24, France’s TotalEnergies  nificant” that his company had secured business
                         announced that it had agreed to sell 600,000  stability through the long-term supply deal amid
                         tonnes per year (tpy) to South Korea’s Hanwha  a volatile LNG market.
                         Energy over a 15-year period starting in 2024. A   Under the other deal, Cheniere will supply
                         day later, Cheniere Energy signed an SPA with a  LNG to Posco, which is South Korea’s largest
                         subsidiary of Posco Holdings covering the sup-  steelmaker and also owns the country’s first pri-
                         ply of 400,000 tpy of LNG over a 20-year period  vate LNG terminal. This deal supports Cheniere’s
                         from 2026.                           planned expansion of its Corpus Christi LNG
                           The deals were announced as the World Gas  terminal in Texas, and is conditional on a final
                         Conference 2022 took place in Daegu this week.  investment decision (FID) being made on that
                           Under the first of the two deals, LNG will be  project. In the announcement, Cheniere’s pres-
                         sourced from TotalEnergies’ global portfolio and  ident and CEO, Jack Fusco, said the FID was
                         delivered to the Tongyeong regasification termi-  anticipated this summer.
                         nal. This gas will be used to supply Hanwha &   The deals follow a number of other SPAs
                         HDC’s greenfield 1-GW power plant, which is  struck between international sellers – often in
                         currently under construction next to the LNG  the US – and Asian buyers in recent months.
                         terminal.                            Asian LNG importers will be particularly keen to
                           “Our company is keen to support the coun-  secure long-term supplies given that European
                         try’s switch away from coal for power generation,  companies will also be eyeing new LNG volumes
                         with both LNG supplies and renewables projects,  as they seek to cut their dependence on Russian
                         such as our significant ‘Bada’ 2-GW offshore  gas.™













































       P6                                       www. NEWSBASE .com                           Week 22   03•June•2022
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