Hanwha Aerospace to establish US company for liquefied gas operations
South Korean defense company Hanwha Aerospace plans to establish Hanwha Horizon USA in the United States to develop its liquefied natural gas (LNG) business. As The Korea Herald reports, the new entity will coordinate the company’s LNG operations, from procurement to sales, trading, and logistics.
Supplies for the power plant in Yeosu
At the initial stage, Hanwha Horizon USA will procure LNG for a Hanwha Energy power plant in the South Korean city of Yeosu. According to the company, the facility is scheduled to begin operations in 2029.
The new US company will also be headed by Hanwha Shipping CEO James Sagar. In the future, Hanwha Horizon USA plans to supply LNG to other power plant operators and energy companies, as well as develop liquefied gas trading in Asia and other global markets.
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LNG procurement agreements
Hanwha Aerospace said that the LNG business is part of efforts to strengthen South Korea’s energy security and energy cooperation between South Korea and the United States. The company has already signed an LNG procurement agreement with Venture Global, a major US producer of liquefied gas.
In addition, Hanwha Aerospace signed a memorandum of understanding with state-owned Korea Southern Power. The parties intend to jointly strengthen LNG procurement and diversify supply sources. Sagar said that the establishment of Hanwha Horizon USA is intended to combine the company’s global LNG procurement capabilities with its shipbuilding and maritime business.
