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Venture Global, an American producer of liquefied natural gas (LNG) sourced from North American basins, has signed off on a multi-year LNG deal with Korea’s Hanwha Aerospace, described as a core affiliate of the Hanwha Group.
Thanks to the execution of a new sales and purchase agreement (SPA) for 1.5 million tonnes per annum (mtpa), Venture Global will provide LNG for 20 years to Hanwha, starting in 2030 and marking the U.S. player’s first SPA with a Korean entity.
This agreement brings the American firm’s long-term contracted portfolio to over 46 mtpa. The company has over 100 mtpa of LNG capacity in production, construction, or development.
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Venture Global, which began producing LNG from its first facility in 2022, has a vertically integrated business that includes assets across the LNG supply chain, including production, natural gas transport, shipping, and regasification.
The company’s first three projects – Calcasieu Pass , Plaquemines LNG , and CP2 LNG – are located in Louisiana along the Gulf of America (the U.S. Gulf of Mexico). The U.S. player is also developing carbon capture and sequestration (CCS) projects at each of its LNG facilities.
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Mike Sabel , CEO of Venture Global, commented: “Venture Global is thrilled to announce our first long-term supply deal in Korea through a new partnership with Hanwha Aerospace which marks another important step in expanding reliable, long-term LNG supply to our partners in Asia.
“We are proud to support growing global energy needs with low-cost, secure American LNG while strengthening the strategic energy partnership between the United States and South Korea to support long-term industrial and economic growth.”