TotalEnergies has signed a sales agreement with HD Hyundai Chemical to deliver 200,000 tons of liquefied natural gas (LNG) per year for seven years, starting in 2027.
The agreement is expected to strengthen TotalEnergies’ position in South Korea, the world’s third-largest LNG importer.
LNG, which is considered a transition energy source in Asia, is used to balance renewable energy fluctuations and reduce emissions when replacing coal in electricity generation.
HD Hyundai Chemical is part of HD Hyundai, one of South Korea’s largest conglomerates, with interests in shipbuilding, heavy equipment and the petroleum industry.
Gregory Joffroy, Senior Vice President, LNG at TotalEnergies, said: “We are delighted with this agreement with HD Hyundai Chemical to supply natural gas to one of their industrial sites.
“This agreement allows us to continue to secure long term sales in Asia and reduce our exposure to gas prices on the spot market.”
